HomeBusinessChina's Jan service sector activity growth slows - official PMI

China’s Jan service sector activity growth slows – official PMI

BEIJING : Activity in China’s companies sector grew at a slower tempo in January, official information confirmed on Sunday, as China battles a resurgence of COVID-19 outbreaks which are hitting shopper confidence.

The official non-manufacturing Purchasing Managers’ Index (PMI) was at 51.1 in January versus December’s 52.7, information from the National Bureau of Statistics (NBS) confirmed. The 50-level mark separates growth from contraction on a month-to-month foundation.

While the world’s second-largest economic system broadly rebounded final 12 months from 2020’s pandemic-induced stoop, the companies sector has lagged the restoration as China’s robust zero-COVID method weighs on shopper spending.

China’s official composite PMI, which incorporates each manufacturing and companies activity, stood at 50.1, in contrast with 52.2 in December.

(Reporting by Emily Chow and Stella Qiu; Editing by William Mallard)

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