7/3, 3:53 AM (Source: TeleTrader)
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China's service sector up to 10-year high in June

The Composite Output Index rose from 54.5 in May to 55.7 in June, showing a considerable increase in overall Chinese business activity. Meanwhile, the seasonally adjusted headline Business Activity Index rose from 55.0 in May to 58.4 in June, showing a rise in service sector activity.

In June, China's service sector showed the highest rise in activity in over a decade. Additionally, total new orders rose at the fastest pace since August 2010, and new export work expanded for the first time since January. However, employment went down a bit with some companies that said their employees left their jobs voluntarily.

Senior Economist at Caixin Insight Group Dr. Wang Zhe stated that "the Caixin China General Services Business Activity Index rose further into the expansionary territory to 58.4 in June, pointing to an accelerating recovery of the services sector as the Covid-19 epidemic eased in China. The last time the index reached this type of height was in April 2010."

Breaking the News / TF