China's services activity expanded at the slowest pace in five months in June, a private-sector survey showed on Wednesday, as weakening demand weighed on post-pandemic recovery momentum.
The Caixin/S&P Global services purchasing managers' index eased to 53.9 in June from 57.1 in May, the lowest reading since January when COVID-19 swept through the country after authorities ditched anti-virus curbs. The 50-point mark separates expansion from contraction in activity.released last week and showed a slowdown in service sector activity as demand for in-person services weakened.
Business activity and new orders both expanded at notably slower rates last month than in May, the Caixin PMI showed. New export business growth also slowed but maintained a brisk pace. Surprisingly, firms' optimism towards the 12-month outlook strengthened, with companies expecting stronger economic conditions and greater amounts of new work to support growth.
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