China’s Feb service sector activity growth accelerates- official PMI
Activity in China’s services sector grew at a faster pace in February, official data showed on Tuesday.
The official non-manufacturing Purchasing Managers’ Index (PMI) was at 51.6 in February versus January’s 51.1, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.
While the world’s second-largest economy rebounded last year from 2020’s pandemic-induced slump, the services sector has lagged the recovery as China‘s tough zero-COVID approach has weighed on consumer spending.
China’s official composite PMI, which includes both manufacturing and services activity, stood at 51.2, compared with 50.1 in January.
Authors: Stella Qiu, Ryan Woo, Reuters