Economic Buzz: China Reports Steep Rise In Business Activity In June

5 Jul 2022 , 10:08 AM

Chinese services companies registered a steep increase in business activity during June, according to latest PMI data by Caixin, as the domestic COVID-19 situation improved and containment measures were loosened. New orders also returned to growth, rising modestly overall, while the downturn in foreign client demand softened notably. At 54.5 in June, the seasonally adjusted headline Business Activity Index rebounded sharply from 41.4 in May to signal a renewed and marked rise in activity across Chinas service sector. The seasonally adjusted Composite Output Index rose sharply from 42.2 in May to 55.3 in June, to signal a renewed and sharp increase in overall Chinese business activity. Furthermore, the rate of increase was the steepest recorded for a year-and-a-half, with both manufacturers (56.4) and service providers(54.5) seeing renewed and strong upturns in output as pandemic restrictions eased and operations resumed. Powered by Commodity Insights