China's services activity picked up in May, a private-sector survey showed on Monday, as a rise in new orders shored up a consumption-led economic recovery in the second quarter.
The Caixin/S&P Global services purchasing managers' index rose to 57.1 in May from 56.4 in April. The 50-point mark separates expansion from contraction in activity.released last week that showed a slower pace of expansion in the services sector.
The Caixin survey showed service companies reported a rise in new business last month when the first May Day holiday following China's COVID reopening boosted orders for hotels, restaurants and travel agencies. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, picked up to 55.6 from 53.6 in April, marking the quickest expansion since December 2020.
Factory activity in May shrank faster than expected on weakening demand, reinforcing the unbalanced feature in the economic recovery.
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