China’s services activity grew at the fastest pace in 15 months in July as easing restrictions due to Covid-19 boosted consumer confidence, but external demand fell and companies cut staff for the seventh straight month, showed a survey of the private sector this Wednesday (3).
The Caixin Services Purchasing Managers Index (PMI) rose to 55.5 in July, the fastest growth since April 2021 from 54.5 in June.
The 50-point mark separates growth from contraction.
The reading contrasted somewhat with China’s official services PMI released on Sunday, which showed growth moderated, but both still point to solid expansion in the sector.
The new business sub-index hit a nine-month high thanks to improving domestic demand, but new export business contracted for the seventh consecutive month, the Caixin survey showed.
Meanwhile, cost inflation in the service sector accelerated for the first time since March as prices for food, fuel, raw materials and personnel remained high.
Caixin’s July Composite PMI, which includes manufacturing and services activities, dropped to 54.0 from 55.3 in the previous month. The Caixin PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in China.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
.jpg "Who is Lara Reado, the (presumed) new girlfriend of Jannik Sinner’s girlfriend")
