It’s no secret that Chinese manufacturing is in a precarious state, but the services sector isn’t wowing either.
The sector is growing, but the overall economy is shrinking according to a closely-watched private PMI survey. The Caixin-Markit services PMI came in at 51.2 in February, from 52.4 in January. Although readings above 50 indicate expansion, it is the lowest level in three months.
The data follows surveys earlier this week that showed activity in the manufacturing sector remained in contractionary territory.
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