China’s services sector contracted at slower pace in May, though companies cut jobs at faster rate, shows private survey

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China’s service activities showed signs of recovery in May, as the Covid-19 outbreaks and the epidemic containment measures have been easing, shows a private survey.

The Caixin Services Purchasing Managers’ Index (PMI) rose to 41.4 in May, improving from 36.2 in the previous month as authorities began to roll back some of the strict restrictions that have paralysed the financial city of Shanghai.

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