The average of China's official and private manufacturing PMIs points to a further improvement in economic momentum at the start of 2Q, lifted by booming exports, says Capital Economics. A private gauge of China's services activity--the RatingDog Services PMI--came in stronger than expected, expanding at a faster pace in April amid stronger increases in both business volume and new demand. That diverges from its official counterpart, though the average of the two indexes is steady from March, Ca

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China’s services activity expanded at a faster pace in April, with the RatingDog services PMI rising to 52.6 from 52.1 in March, above the 52 median forecast and the 50 expansion threshold. The data contrasted with the official PMI, which showed contraction in services due to weakness in sectors such as wholesale and retail trade. Rising energy costs linked to the Iran war are adding price pressures, though authorities are adjusting fuel price caps to limit the impact. Domestic consumption remains subdued, with March retail sales growth slowing to 1.7% from 2.8% earlier, even as services consumption continues to outpace goods.