China’s services activity grew at the fastest rate in 15 months in July as easing COVID curbs boosted consumer confidence, but foreign demand fell and companies cut staff for the seventh month in a row, a private-sector survey showed on Wednesday, reports Reuters.
The Caixin services purchasing managers’ index (PM) rose to 55.5 in July, the fastest growth since April 2021, rising further from the robust reading of 54.5 in June. The 50-point mark separates growth from contraction on a monthly basis.
The reading contrasted somewhat with China’s official services PMI on Sunday which showed growth moderated, but both gauges still pointed to solid expansion in the hard-hit sector while the country’s manufacturers struggled.
