China's services sector shrank in August for first time since April 2020 amid Covid-19 resurgence - private survey

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China’s services sector activities slipped into sharp contraction in August due to a series of Covid-19 flareups, a private survey showed on Friday, in line with the findings in the official survey released earlier this week.

The Caixin/Markit services purchasing managers’ index (PMI) declined to 46.7 in August from 54.9 in the previous month. It was the first time that services activity shrank since April 2020.

The result was well below expectations by analysts in a Bloomberg poll, who had forecast that the index would fall to just 52. A . . .

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