China’s PMI Index for the Service Sector Down in February

Markit, along with Caixin, reported that the services purchasing managers’ index (PMI) fell to 50.2, the lowest level since August 2021 from 51.4 in January, as China’s services sector is hit by the government’s strict measures to curb the spread of COVID-19.

A Caixin Insight Group analyst said demand in China’s service sector is shrinking while supply is limited. The spread of COVID-19 is prompting the Chinese government to impose strict control measures that affect the service sector’s operations.

China’s non-manufacturing purchasing managers’ index rose to 51.6 in February from 51.1 in January, the National Bureau of Statistics (NBS) said Tuesday. The non-manufacturing PMI measures sentiment in the services and construction sector.

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