BEIJING (Reuters) – Activity in China’s service sector expanded in February at the slowest pace in six months amid tough government containment measures to stop the spread of local Covid-19 outbreaks, the survey showed on Thursday. Caixin/Markit Purchasing Managers’ Index (PMI).
The services PMI fell to 50.2 in February, the lowest reading since August and just above the 50 mark that separates growth from contraction, down from 51.4 in January.
The weaker reading contrasts with the slight pick-up in service sector growth in an official survey released on Monday, although both results point to still mild expansion as the sector remains vulnerable.
The new orders sub-index on the Caixin/Markit PMI stood at 48.8 in February, the first decline since August last year, with service companies reporting that measures to contain Covid, including travel restrictions, impacted demand for customers.
New export business fell for the second month in a row, albeit at a slower pace.
This led to another headcount reduction at China’s service providers, but the pace of decline slowed.
(Reporting by Stella Qiu and Ryan Woo)
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