Further evidencing a slowing of the Chinese economy, the country’s services activity contracted in August, missing expectations, reports the South China Morning Post.
The official non-manufacturing purchasing managers’ index (PMI)–which measures morale in the services and construction sectors–fell to 47.5 in August, from 53.3 in July,
data from the National Bureau of Statistics showed on Tuesday.
The figure was below the Bloomberg survey which predicted a fall to 51.9. It is the lowest figure since the index slumped to an all-time low of 29.6 in February 2020, after China began lockdowns to control the Covid-19 pandemic.