China Caixin PMI Services rose to 56.3 in April, up from 54.3, above expectation of 54.2. There was steeper increase in activity amid strongest upturn in sales for five months. Quicker rise in employment helped easing capacity pressures. Optimism towards the year ahead remained historically sharp. PMI Composite rose to 54.7, up from 53.1.
Wang Zhe, Senior Economist at Caixin Insight Group said: “To sum up, the post-epidemic manufacturing and services recovery accelerated as both supply and demand expanded. Business confidence was high amid strong overseas demand and improved employment. Services recovered faster than manufacturing. Inflation will be a focus in the future. Inflationary pressure was evident as input costs and output prices in manufacturing and services have continued to increase for several months.”
