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China contraction of services sector drags on economic recovery
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Posttime:2021-09-06
CHINA's service sector contracted in August, missing Bloomberg expectations, thus providing reasons for a slowdown in economic growth, reports Hong Kong's South China Morning Post.
The official non-manufacturing purchasing managers' index (PMI), which measures morale in the services and construction sectors, fell to 47.5 in August, from 53.3 in July, data from the National Bureau of Statistics showed.
The figure was below the Bloomberg survey which predicted a fall to 51.9. It is the lowest figure since the index slumped to an all-time low of 29.6 in February 2020, after China began lockdowns to control the Covid.
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