China’s services activity contracted in March, albeit at a slower pace, as the sector faces challenging conditions in March, with the coronavirus, or covid-19 outbreak, survey data from IHS Markit showed Friday.
The Caixin services Purchasing Managers’ Index rose to 43.0 in March from 26.5 in February. However, a score below 50 indicates contraction.
The composite output index advanced to 46.7 in March from 27.5 a month ago. But this was the second-lowest score in eleven years.
The fall was commonly associated with the ongoing impact of the COVID-19 outbreak on demand and supply chains.