China’s Services Activity Shrinks a Little Less Severely, Caixin PMI Shows

Services activity in China shrank for the third straight month in May, though not as severely as the previous month, as the country continued to grapple with a wave of economically damaging Covid-19 control measures, a Caixin-sponsored survey showed Monday.

The Caixin China General Services Business Activity Index, which gives an independent snapshot of operating conditions in the sector, rose to 41.4 in May from 36.2 the previous month, the survey report showed. A number above 50 indicates an expansion in activity, while a figure below that points to a contraction.