RPT-China's services activity shrinks further in March, job cuts fastest on record-Caixin PMI [Reuters]
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Source: Reuters
RPT-China's services activity shrinks further in March, job cuts fastest on record-Caixin PMI (Repeats to attach to alert. No change to text.) BEIJING, April 3 (Reuters) - China’s services sector struggled to get back on its feet in March after a brutal month of unprecedented shop closures and public lockdowns amid the coronavirus outbreak, a private survey showed on Friday. Services companies cut jobs at the fastest pace on record as orders plunged for the second straight month and businesses scrambled to reduce their operating costs. Export orders also slumped again as more countries imposed their own tough virus containment measures. While the Caixin/Markit services Purchasing Managers’ Index (PMI) rebounded to 43 in March from a record low of 26.5 in February, it still remained deep in contraction territory and was the second weakest reading since the survey began in late 2005. The 50-point mark separates growth from contraction on a monthly basis. The findings add to fears that c
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