Business activity in the service sector of China grew in June at the slowest pace in 4 months

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The service sector of China recorded in June the lowest growth in business activity for 4 months. A survey conducted by Caixin Media and IHS Markit showed that the PMI was 52 points, down from the May value of 52.7 points. Government policies to stimulate customer spending contributed to a small increase in the growth of new orders. However, service companies reported the first decline in new export orders in the last 9 months, which was caused by a weakening of external demand. Employment in June remained almost at the level of the previous month. The deterioration of sentiment among service providers was caused by the ongoing trade dispute between the United States and China. The composite index indicating the mood in the services sector and the manufacturing sector has become minimal. The index was 50.6 points, down from 51.5 points in May. The non-manufacturing sector in China last month also recorded a decline in the official PMI from 54.3 points to 54.2 points.

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