China’s services sector expanded at the slowest pace in 14 months in June, dragged by slowdowns in business activity and new orders, a Caixin-sponsored survey showed Monday.
The Caixin China General Services Business Activity Index, which gives an independent snapshot of operating conditions in the sector, fell to 50.3 in June from 55.1 the previous month. A number above 50 indicates an expansion in activity, while a figure below that points to a contraction.
The index, better known as the Caixin China services PMI, showed the services sector expanded for a 14th consecutive month, but at the lowest rate since April 2020.
The fall in the Caixin services PMI dovetails with the decline in the Caixin China manufacturing PMI for June, which slipped to 51.3 from 52 the previous month, according to data released Thursday.