February saw activity in the Chinese services sector expand at the lowest rate in half a year, as the sector struggles with the tough Covid-related containment measures across the country, reports Reuters. The Caixin/Markit services Purchasing Managers’ Index (PMI) dropped to 50.2 in February—the lowest since August and only a touch above the 50-point mark that separates growth from contraction on a monthly basis—from 51.4 in January.
The softer reading contrasted with a slight pickup in the services sector growth in an official survey on Monday, although both results pointed to a still soft expansion as the industry remains vulnerable to disruptions amid China’s zero-COVID approach.
More Chinese cities are battling local COVID-19 cases in recent weeks, with infections from the city of Hong Kong surging, although the total number of cases pales in comparison with those in other countries.
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