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Influenced by the slowdown of service business expansion and contraction of new overseas orders, the service industry PMI in Caixin China dropped to a four-month low in June, while the comprehensive PMI dropped to an eight-month low in June, indicating weak domestic and foreign demand, frustrated enterprise confidence and greater downward pressure on China's economy.
China's purchasing managers index for services fell to 52 in June from 52.7 last month, according to Caixin/Markit Wednesday, while China's comprehensive PMI fell to 50.6 in May, the lowest level since October last year, due to both manufacturing and service industries.
"Overall, China's economy faced greater pressure in June." Zhong Zhengsheng, director of macro-research at Monita, a financial think tank, said that the Sino-US trade conflict has seriously affected business confidence. Although its impact on exports has not been fully demonstrated in the short term, the long-term situation is not optimistic.
He also pointed out that future stable growth policies may focus on new infrastructure, consumption and high-end manufacturing.
According to PMI data of service industry, the index of business activity has dropped to a four-month low, but it still keeps expanding; the index of new business has rebounded from the previous month. Enterprises generally say that the growth of new business is due to the support policy of the state, and customer consumption has been boosted. As for the reasons for sales growth, there are also references to the introduction of new products and general improvement in market conditions.
However, for the first time in nine months, the newly acquired overseas business index has fallen below the boom and bust line. According to a press release provided by Markit, the vast majority (93%) of the enterprises surveyed said that export sales have not increased or decreased. It is reported that weak global overall demand, coupled with tariff issues, has led to a decline in new export orders.
The employment index fell for the second consecutive month to a three-month low, only slightly higher than the boom-bust line, indicating that employment growth was minimal. During the month, some enterprises increased their employment because of the increase of workload, while others did not fill the vacancies after employees voluntarily left their jobs.
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