A gauge of China’s services industry slowed sharply in June following virus outbreaks in some parts of the country and weaker new orders, with reduced confidence hitting the job market.
The Caixin services purchasing managers’ index fell to 50.3 in June, the lowest since April last year and well below the 54.9 level forecast by economists. That pushed the employment index into contraction, according to a statement from IHS Markit Economics, which compiles the data. Any number above 50 indicates expansion from the previous month, while below 50 indicates contraction.
