• Wed. Apr 17th, 2024

March Manufacturing and Services Sectors Report Strong Business Confidence, Yet Employment Levels Continue to Decline

BySamantha Jones

Apr 3, 2024
Services sector in China sees acceleration in growth in March with increased new business volume, marking fastest growth in 3 months.

In March, the manufacturing and services sectors experienced growth in supply and demand, with exports improving and sustained market optimism. This led to an increase in new business expansion, which was the fastest since December. Despite the better sales and business confidence, there was no significant increase in recruitment levels. Employment levels shrank for a second consecutive month, although the rate of job shedding did ease from February. Respondents attributed this decline in payroll numbers to resignations among staff and redundancies made to improve productivity.

The subindex of future activity increased for the first time in three months, further supporting this optimism. Economist Wang Zhe from Caixin Insight Group stated that employment levels continued to contract in both sectors, while input and output prices remained low. This indicates that sluggish demand persisted, despite the overall positive outlook for new business expansion and business confidence.

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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