Economic Buzz: Chinas Service Sector Activity Contracts After Rising For Three Straight Months

10 Oct 2022 , 02:59 PM

Chinas service sector activity contracted in September after three months of expansion, due to the resurgence of COVID-19 in many places, according to a private survey published on Saturday. The Caixin service purchasing managers index (PMI) fell to 49.3 in September, down 5.7 percentage points from August and falling below 50 for the first time since June this year. A reading above 50 indicates expansion, while a reading below 50 reflects contraction. The Caixin PMI mostly tracks smaller private services firms. The sub-index of new orders for the services sector in September dipped to the contraction range for the first time since June, indicating weak supply and demand.Powered by Commodity Insights