BEIJING, June 30 (Reuters) – Activity in China’s services sector expanded at its fastest pace in 7 months in June, official data showed on Tuesday, suggesting consumer confidence is rapidly recovering even as Beijing ramps up coronavirus curbs after a resurgence in infections in the capital.
The official non-manufacturing Purchasing Managers’ Index (PMI) rose to 54.4, from 53.6 in May, marking the fastest growth since November 2019, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.
China’s services sector, which includes many smaller, private companies, has been slower to recover from the health crisis than manufacturing, with heavy job losses, pay cuts and fears of a second wave of infections making consumers cautious about spending and going out again.
The official June composite PMI, which includes both manufacturing and services activity, rose to 54.2 from May’s 53.4. (Reporting by Yawen Chen and Ryan Woo; Editing by Kim Coghill)
LINK ORIGINAL: Reuters