China's services sector activity contracts less sharply in May: official PMI
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CHINA'S services activity shrank less sharply in May, an official survey showed on Tuesday (May 31), as Covid-19 restrictions in some cities were relaxed.
The official non-manufacturing Purchasing Managers' Index (PMI) rose to 47.8 in May, from 41.9 in April, data from the National Bureau of Statistics showed.
A reading above the 50-point mark indicates expansion in activity while a reading below indicates contraction.
Even with an easing in Covid-19 curbs across China, consumers likely avoided shopping and dining out due to fears of contracting Covid-19 and potentially being quarantined.
China's official composite PMI, which includes both manufacturing and services activity, stood at 48.4, compared with 42.7 in April. REUTERS
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