China’s services sector activities slowed sharply in June amid Covid-19 resurgence, shows private survey

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China’s services sector activities slowed sharply in June to hit the lowest level in 14 months, weighed down by a resurgence of COVID-19 cases in southern China's Guangdong province, adding to concerns the world’s second-largest economy may be starting to lose momentum.

The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 50.3 in June, the lowest level since April 2020 and falling sharply from a reading of 55.1 in the previous month. It held just above the 50-mark, which separates expansion from contraction on a monthly basis.