Stagnating consumption amid the coronavirus epidemic has had a great impact on China’s service sector in February, as one would expect.
February PMI data signalled the first reduction in business activity across China’s service sector on record due to restrictions implemented to contain the recent coronavirus outbreak. Firms across all sectors reported on the damaging effect that the virus was having on the economy via company closures and travel restrictions, with total new orders also falling at a record pace. Restrictions around travel also impacted firms’ ability to source workers, leading a renewed fall in staff numbers. Consequently, backlogs of work rose at a substantial pace.
Commenting on the China General Services and Composite PMI data, Dr. Zhengsheng Zhong, Chairman and Chief Economist at CEBM Group said:
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