HomeEconomyChina services sector activity falls for first time since May - Caixin... Economy China services sector activity falls for first time since May – Caixin PMI By farahat October 8, 2022 0 118 views Share FacebookTwitterPinterestWhatsApp Dollar /CNY 0.% Add to watchlist/ Remove from watch list ) Add to watchlist Add Location Job added successfully: Please name your portfolio type: purchase Sell date: quantity: price Point Value: Leverage: 1:1 1: 1: 1: 1: 28 1: 48 1: 12 1: 49 1: 48 Committee: ) create new watchlist create 400 Create a new holding portfolio Add Create2021 + Add another position to close SPGI 500-3.10% 500 Add to Watchlist/Remove from Watchlist Add to Watchlist Add Location Job added successfully: Please name your holdings folder type: purchase Sell date: quantity: price Point value: Leverage : 1:1 1: 1: 1: 1: 19 1: 11 Beijing (Reuters) – China September service Industry activity shrinks for first time in four months as COVID-19 A private-sector business survey on Saturday showed that restrictions have weakened already fragile demand and Weakened business confidence. Caixin Services Purchasing Managers Index (PMI) fell to 00.3 from 19.0 August as a COVID containment measure disrupted supply and demand, limiting domestic travel. An official survey released last week also showed a slowdown in services sector activity, although its reading was still slightly higher 10- The dots that differentiate growth and contraction are marked on a monthly basis. China’s economy showed signs of improvement in August, with faster-than-expected growth in industrial output and retail sales, but held back by prolonged COVID-19 containment and a worsening real estate recession . “The current epidemic situation is still severe and complex, and the negative impact of epidemic prevention and control on the economy is still obvious,” said Wang, senior economist at Caixin Insight Group. Zhe said. “The policy implementation plan focuses on employment, subsidies, boosting demand and market confidence, and releasing policy signals.” Caixin surveys show that service companies are still dealing with sluggish demand, shrinking production and rising costs, despite a recovery in foreign orders. The new business sub-index recorded its first decline in four months in September, with new export business falling since December last year. Expanded for the first time in months 68. Input prices have risen every month since June 10, sub-index display , mainly driven by rising raw material and labor costs. This resulted in a higher growth rate for service companies with an employment sub-index of .5, in contraction territory for the 9th month in a row and down from .9 Aug. With few signs of an easing of COVID containment measures in the near term, the market is far less optimistic. Many Chinese cities are advising residents to avoid non-essential travel on public holidays, adding to the Lockdowns and COVID policies that lead to mounting economic losses. Beijing is stepping up efforts to support economy with value re-lending facility 100 million yuan ($. billion) for equipment upgrades and relaxation of mortgage rate floors . Caixin’s September composite PMI, which includes manufacturing and services activity, fell to .5 from 10.0 last month. Factory activity contracted more sharply in September, suggesting a faltering recovery. Caixin PMI by S&P Global ( NYSE: SPGI ) from a response to a question sent to the China Purchasing Manager. ( $1=7.50 68 RMB ) 55 Share FacebookTwitterPinterestWhatsApp Previous article'Penguin' recruits 'Mares of the East Side' director Craig ZobelNext articleCardcaptor Sakura: Clearing Cards manga ends on volume 14 farahat RELATED ARTICLES Economy Marketmind: China disappoints again, fanning stimulus speculation June 7, 2023 Economy Dollar drifts as traders assess Fed options; Aussie up June 7, 2023 Economy U.S. debt ceiling fight reignites debate over Ukraine fund June 6, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. 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