Chinese college graduates seek employment at a job fairGrowth in China’s services sector slowed in July from a decade high the previous month, as new export business fell and job losses continued, an industry survey showed on Wednesday, pointing to cracks in the sector’s post-coronavirus recovery, Reuters reports. The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 54.1 from June’s 58.4, which was the highest reading since April 2010. The Caixin survey showed new export businesses received by Chinese services firms contracted again in July after a brief expansion, weighing on the growth of overall new business, which was predominately driven by domestic markets. The combination of expanding demand and production with shrinking employment has dogged the economy for several months,” said Wang Zhe, Senior Economist at Caixin Insight Group. Still, the overall expansion in the sector remained elevated in July and in line with the survey’s long-term trend.

Source: The Standard August 05, 2020 02:15 UTC