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Financial News: China Services PMI Improves To 41.4 In May

China Services PMI Improves To 41.4 In May - Caixin

06/05/2022 - 21:49:00 (RTTNews)

(RTTNews) - The services sector in China continued to contract in May, albeit at a slower pace, the latest survey from Caixin revealed on Monday with a services PMI score of 41.4.

That's up from 36.2 in April although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction.

Although not as sharp as that seen in April, the pace of reduction was nonetheless the second-sharpest seen since February 2020, during the initial phase of the COVID-19 pandemic. Companies continued to note that operations were heavily impacted by pandemic-related restrictions, which included temporary closures and limiting mobility.

Total new business fell for the fourth month in a row in May. The rate of reduction eased from April's 26-month record but remained sharp overall. Panel members continued to cite the impact of COVID-19 restrictions on client numbers and overall demand conditions when explaining the latest fall in sales. At the same time, new business from abroad also fell at a softer, but still marked rate midway through the second quarter.

The survey also showed that the composite index improved to 42.2 in May from 37.2 in April.

Total new orders meanwhile fell solidly, albeit with the rate of decline the softest for three months. Composite employment fell at a pace that, while modest, was the quickest seen since February 2021, with both manufacturers and service providers noting slightly quicker falls in headcounts during May.

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