China's services activity grew at the fastest rate in 15 months in July as easing COVID curbs boosted consumer confidence, but foreign demand fell and companies cut staff for the seventh month in a row, a private-sector survey showed on Wednesday.
The Caixin services purchasing managers' index rose to 55.5 in July, the fastest growth since April 2021, rising further from the robust reading of 54.5 in June.Register now for FREE unlimited access to Reuters.comThe reading contrasted somewhat with China's official services PMI on Sunday which showed growth moderated, but both gauges still pointed to solid expansion in the hard-hit sector while the country's manufacturers struggled.
Meanwhile, the rate of cost inflation in the services sector picked up for the first time since March as prices for food, fuel, raw materials and staff remained high.Fresh virus flareups have led to tightening curbs on activity in some cities in recent weeks, while the property market is in a deepening slump and global demand is faltering. Many businesses have put big spending plans on hold and are trying to cut costs."Beware the July rebound narrative.
The country's top leaders last week signalled their preparedness to miss the government growth target of around 5.5% for 2022. Analysts polled by Reuters have forecast growth to slow to 4.0% this year.Reporting by Ellen Zhang and Ryan Woo; Editing by Kim Coghill
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