China’s Services Slump Extends Into Third Month, Caixin PMI Shows

China’s services activity contracted for the third straight month in November, hitting a six-month low, as prolonged Covid-19 containment measures battered consumer-related businesses and dampened confidence, a Caixin-sponsored survey showed Monday.

The Caixin China General Services Business Activity Index, which gives an independent snapshot of operating conditions in services industries such as retail and travel, dropped to 46.7 from 48.4 in October. A number above 50 indicates an expansion in activity, while a figure below signals a contraction.