Activity in China's services sector slumped into sharp contraction in August, a private survey showed on Friday, as restrictions to curb the COVID-19 Delta variant threatened to derail the recovery in the world's second-biggest economy.
The Caixin/Markit services Purchasing Managers' Index fell to 46.7 in August from 54.9 in July, plunging to the lowest level since the pandemic's first wave in April 2020. The 50-point mark separates growth from contraction on a monthly basis.
But it spurred authorities across the country to impose measures including mass testing for millions of people as well as travel restrictions of varying degrees in August, hitting especially the catering, transportation, accommodation and entertainment industries. "Sluggish market demand limited businesses' bargaining power, causing prices charged by service providers to slip after a month of growth," said Wang.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Best of Wellness: 14 Products That Helped Us Get By in AugustLast month we loved comfy footwear, an innovative fragrance company, and goth sparkling water.
Read more »
Nio and XPeng deliveries fall in August as chip shortage hits China's electric carmakersNio and XPeng saw deliveries of their electric cars drop in August due to the global semiconductor shortage while rival Li Auto managed to eke out growth.
Read more »
Fox News Nearly Sweeps Top 100 Highest-Rated Cable Telecasts In AugustFox News dominated ratings for the month, with 'Tucker Carlson Tonight' again the highest-rated cable news program overall.
Read more »
The 20 Best Sci-Fi Movies on Netflix (August 2021)The 20 best sci-fi movies streaming on Netflix (Sept. 2021): We've got your robots, aliens and rogue A.I. right here. scifi sciencefiction
Read more »
The 15 Best Songs of August 2021Round out your end of summer playlist with Paste's favorite songs of August, featuring Amber Mark, Magdalena Bay, Big Thief and more.
Read more »
Lizzo's 'Rumors' & 9 Other Must-Watch Music Videos From August 2021These are the best music video releases from August 2021, including Lizzo's 'Rumors' and Sunmi's 'You Can't Sit With Us.'
Read more »