China’s service industry shrinks, spending slumpsBloombergChina’s services activity contracted more than expected last month, with spending figures over the long weekend showing that a hit to consumer spending from COVID-19 curbs could linger through this month. People dine at a restaurant in Beijing yesterday, after the government eased some COVID-19 restrictions, with most dine-in services resuming throughout the city. China’s service industries posted further declines in business and new orders last month, the PMI statement said. The Caixin survey findings are largely in line with those in the official non-manufacturing purchasing managers’ index, which increased to 47.8 from April’s 41.9, but stayed below the cutoff 50 mark. The official survey tracks larger companies and includes the construction sector, while the Caixin survey focuses more on smaller ones.
