China’s composite purchasing managers’ index (PMI) slipped to 43.9 in March from 50.1 in February, according to a survey released by S&P Global and Caixin Media.
The reading reflected a loss of breath both in industrial activity and in services. Released in the same survey, the services PMI dropped from 50.2 in February to 42.0 in March. The sharpest rate of reduction since the beginning of the pandemic in February 2020.
The decline was mainly driven by the recent increase in Covid-19 cases in China, followed by restrictions to limit the spread of the virus that halted operations, according to companies consulted by the survey. The decline in mobility was often attributed to fewer customers and softer demand conditions.
The war in Ukraine also weighed on the indicator, pushing business confidence to its lowest level in just over 18 months.
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