China’s service sector drops to all-time low in February (SCMP)

More bad news for China’s economy as services drop to all-time low
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China’s service sector Caixin/Markit PMI Index not only fell in February, but collapsed to an all-time low. In fact, this represents the first negative print in this index whatsoever since its inception in 2005, even staying positive during the Global Financial Crisis. This is an especially horrible number.

Unless China experiences a rapid and sharp rebound, the world’s second largest economy may fall into outright contraction (negative GDP) for at least the first half of 2020.

SCMP reports:

Coronavirus: China’s services sector drops to all-time low in latest blow to economy amid Covid-19 outbreak

The Caixin/Markit services purchasing managers’ index (PMI) fell to 26.5 in February from 51.8 in January

The latest figure followed the larger-than-expected deterioration in the official and private sector manufacturing sector PMIs to all-time lows in February…

The latest figure, the first reduction in business activity across China’s service sector since the survey began in November 2005, followed the larger-than-expected deterioration in the official and private sector manufacturing sector PMIs to all-time lows in February […]

Emphasis ours

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