Reported 12 months ago
China's service industry sees a slowdown with the Caixin China released a PMI of 51.2 in June, dropping 2.8 points from May, the lowest since November 2023. This weaker market confidence is attributed to the slowing service sector growth. While service industry demand and supply continue to expand in June, the pace has slowed down, with new order and employment indices declining, pushing businesses to cut costs by laying off staff. Rising costs like raw materials, labor, and transportation expenses also contribute to the overall increase in service industry costs.
Source: YAHOO