A CAIXIN-sponsored survey reported China's services sector reached a three-month low in July.
The report is another example
that the world's second-largest economy could continue to lose momentum in the
second half of 2020.
The Caixin
China General Services Business Activity Index fell to 54.1 last month, the weakest reading in
three months. Previously, the report saw a decade-high of 58.4 in June.
The index is used to give an
independent snapshot of operating conditions in the services sector. A number
above 50 demonstrates an expansion in activity, while a figure below it points
to a recession.
Economists have stated recovery
has been uneven, due to the release of pent-up demand that followed the Covid
lockdown that is now starting to dissipate.
The service sector's recovery was
slower than the manufacturing sector as concerns over the renewed risk of Covid
cases puts a larger damper on the restaurant, film, tourism, and hotel
industries.
The measure for new export
business dived into negative territory in July due to the ongoing pandemic.
Source : HKSG.
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