China's services sector contracted at second-fastest pace on record amid prolonged Covid-19 lockdowns - private survey

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China's services sector slipped deeper into contraction in April, shrinking at the second-fastest pace on record, as the country's prolonged COVID-19 lockdowns led to plunges in new business and employment, a private-sector survey showed on Thursday.

The Caixin services purchasing managers' index (PMI) hit 36.2 last month, the weakest level since March 2020, the second-lowest since the survey started in November 2005 and sliding from 42 in the . . .

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