Purchasing Managers' Index In The Service Sector Of China Rose To A Maximum Of 10 Years
The Purchasing Managers' Index (PMI) in China's services sector, calculated by Caixin Media Co and Markit, jumped in June to the highest in more than ten years on the back of a sharp increase in demand following the lifting of restrictive measures imposed in the country to curb the spread of coronavirus.
The indicator rose to 58.4 points - the highest level since April 2010-compared with 55 points in May. The index value above 50 points indicates an increase in business activity in the service sector.
Demand for services, as well as supply, is recovering as the coronavirus situation in China is under control, said caixin chief economist Wang Zhe. At the same time, there are still problems with employment, which will take time to recover, experts say.
The composite index of business activity in China in June rose to 55.7 points - the highest since November 2010. In May, the indicator value was 54.5 points.