China’s services activity softens
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 (PMI) 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.
The data broadly tracked the government's official PMI released last week and showed a slowdown in service sector activity as demand for in-person services weakened.
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