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China’s services sector firing up

China’s services sector saw accelerated growth last month, with new business expanding at the fastest pace in three months, reflecting a tentative recovery in sentiment. The Caixin/S&P Global services purchasing managers’ index (PMI) rose slightly to 52.7, marking expansion for the 15th consecutive month. Despite improved business confidence driven by rising new orders, employment levels continued to decline for the second month in a row. However, the composite PMI, which combines manufacturing and services, also rose to 52.7, its highest level since May 2023, indicating overall economic resilience amid persistently sluggish demand.

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