China’s service sectors’ growth rate was at its slowest in February from the last 10 months. The sluggish demand and high costs forced firms to cut jobs according to a private-sector survey.
The Caixin/Markit services Purchasing Managers’ Index (PMI) tumbled down to 51.5, the least since April, from 52.0 in January, however, stayed over the 50-mark that isolates development from contraction monthly.
The sub-index for employment slipped to 47.9 after a growth period of six months.
“The momentum of post-epidemic services recovery further weakened,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement.
