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Published on: Monday, February 5, 2024 – 9:01 AM | Last updated: Monday, February 5, 2024 – 9:01 AM
An independent economic report published today, Monday, showed a decline in the pace of growth of economic activity in the services sector in China during the past month.
The latest Caixin Foundation survey showed that the purchasing managers index for the services sector in China declined to 52.7 points last January, compared to 52.9 points last December.
An index reading of more than 50 points indicates growth in economic activity for the sector, while a reading of less than 50 points indicates a contraction in activity.
Chinese service companies recorded an increase in new business in general at the beginning of the new year, extending the period of steady increase in these orders to more than a year.
According to the Purchasing Managers Survey Committee’s figures, improving demand conditions and gaining new customers support the current upward trend in sales. At the same time, the growth rate declined compared to last December, which recorded the highest level of growth in 7 months. At the same time, exports increased at a moderate pace, with their growth rate declining by a very slight percentage compared to the previous month.
Employment growth in the Chinese services sector continued last January for the second month in a row, with companies often linking the increase in employment to efforts to improve operational capacity in light of rising sales.
2024-02-05 07:02:06
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