China May Services Activity Contracts For Third Straight Month

08 June 2022

China's services activity contracted for a third straight month in May, pointing to a slow recovery ahead despite the easing of some COVID lockdowns in Shanghai and neighbouring cities, a private business survey showed on Monday.

The services purchasing managers' index (PMI) rose to 41.4 in May from 36.2 in April, edging up slightly as authorities began to roll back some of the strict restrictions that have paralysed the financial city of Shanghai and roiled global supply chains.

Official data showed China's nationwide survey-based jobless rate had climbed to 6.1% in April, the highest since February 2020 and well above the government's 2022 target of below 5.5%.

Source:  Reuters
Post by: Republic of Türkiye Ministry of Trade