Taken in the second half of the month so might just capture the leading edge of the virus but given everyone was on holiday anyway it’s muddled:
Chinese services companies saw business activity growth slow further in January, according to latest PMI data. Total new orders also expanded at a softer rate, in spite of a stronger increase in new work from abroad. At the same time, firms registered a sustained rise in operating expenses, while efforts to help contain costs contributed to a broad stagnation of employment across the sector. Prices charged by service providers meanwhile fell slightly due to efforts to boost sales. Nonetheless, firms recorded a stronger degree of optimism towards the year ahead, with business confidenceimproving to a 16-month high in January.
Adjusted for seasonal factors, including Chinese New Year, the headline Business Activity Index fell from 52.5 in December to 51.8 in January, to signal a softer rise in services activity at the start of the year. Notably, the rate of expansion was the softest recorded for three months.
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