China’s April service sector activity contracts for second month – official PMI

BEIJING (Reuters) – Exercise in China’s providers sector shrunk for the second straight month, an official survey confirmed on Saturday, as widespread COVID-19 lockdowns paralyze many cities.

The official non-manufacturing Buying Managers’ Index (PMI) fell to 41.9 in April, from 48.4 in March, the Nationwide Bureau of Statistics mentioned.

A studying above the 50-point mark signifies growth in exercise whereas a studying under signifies contraction.

Dozens of main China cities are believed to be in full or partial lockdowns, together with the business hub Shanghai. With lots of of tens of millions of individuals caught of their properties, consumption is taking a heavy hit, prompting extra analysts to chop progress forecasts for the world’s second-largest economic system.

China’s official composite PMI, which incorporates each manufacturing and providers exercise, stood at 42.7, in contrast with 48.8 in March.

(Reporting by Stella Qiu, Min Zhang and Ryan Woo. Enhancing by Gerry Doyle)