… in Sign of Economic Recovery After Covid – Bloomberg
Private survey on services activity adds to strengthening momentum
Source: Caixin/S&P Global, China Federation of Logistics and Purchasing
Strong services readings indicate “consumption remains solid and will continue to take the driving seat for the economic recovery,” said Zhou Hao, chief economist at Guotai Junan International Holdings.
The country’s economic rebound has shown encouraging signs in recent weeks, with official gauges of activity gathering pace and home sales rising in March for a second month. Key now to the growth outlook this year is whether household and business confidence will continue to pick up, given how much the recovery is likely to rely on sustainable improvement in jobs, income and demand.
The Caixin survey focuses on smaller firms compared to the official services PMI, which last week jumped to 56.9 — the highest on record. The overall official non-manufacturing index, which measures activity in services and the construction sector, topped 58.2, the strongest level since May 2011.
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