China's services activity grows at slower pace, Caixin PMI shows

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Shoppers walk through the Nanjing East Road shopping area during Lunar New Year holidays in Shanghai, China. Bloomberg
Shoppers walk through the Nanjing East Road shopping area during Lunar New Year holidays in Shanghai, China. Bloomberg

China's services activity expanded at a slower pace in January, with the Lunar New Year holidays worsening employment, but business sentiment improved, a private sector survey showed on Wednesday.

The Caixin/S&P Global services purchasing managers' index, slipped to 51.0 from 52.2 in December, but remained above the 50-mark that separates expansion from contraction on a monthly basis.

That echoes the official PMI, which showed services activity weakened to 50.3 from 52.0.

The Caixin survey showed that new business growth eased to a four-month low, while employment fell to the weakest since April 2024.

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