{"id":388189,"date":"2010-03-04T05:36:00","date_gmt":"2010-03-04T10:36:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/chinas-services-index-plummets-to-one-year-low-2010-3"},"modified":"2010-03-04T05:36:00","modified_gmt":"2010-03-04T10:36:00","slug":"china-services-index-plummets-to-one-year-low","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/388189","title":{"rendered":"China Services Index Plummets To One-Year Low"},"content":{"rendered":"

\"china<\/p>\n

China’s official non-manufacturing index, its services index, collapsed to a one-year low in February, hitting 46.1 vs. 55.1 in January.<\/p>\n

The Chinese new year surely had a negative impact, but it remains to be seen how much fo the slow-down was due to the new year holiday and how much represents an actual slow-down. This February’s reading was still above the 41.9 level it hit last February.<\/p>\n

Yet the official data was more negative than the services index calculated by HSBC:<\/span><\/p>\n

China Daily:<\/a><\/p>\n

Its sharp drop contrasted with HSBC’s China services sector PMI, which eased only a touch to 56.7 in February, staying comfortably within expansionary territory.<\/p>\n

All of the PMI surveys for February were complicated by the timing of the Chinese New Year holiday, which effectively halted work for a full week last month.<\/p>\n

According to the CFLP’s official survey, the new order sub-index for China’s service sectors fell to 46.2 in February. But the outlook sub-index was strong at 68.0, showing that service sector managers remained confident.<\/p>\n

Does HSBC adjust out the new year?<\/p>\n

 <\/p>\n

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