China’s Services Sector Recovery Downshifts, Caixin PMI Shows

China’s services sector recovery lost momentum in June as activity expanded at the second-slowest pace this year, a Caixin-sponsored survey showed Wednesday.

The Caixin China General Services Business Activity Index, which provides an independent snapshot of operating conditions in services industries such as retail and travel, fell from 57.1 in May to 53.9, the lowest reading since January. A reading above 50 indicates an expansion in activity, while a number below that signals a contraction. The gauge has come in above 50 for the last six months.