China’s services activity beat expectations in June and jumped to the highest level in nearly a year, a private survey showed in the latest sign that easing Covid outbreaks and restrictions have boosted consumer sentiment.
Several cities, including Shanghai, scaled back Covid restrictions in June as cases fell, allowing more shops to open, consumers to spend, and supply jams to ease. The country also recently said it would“Regional Covid outbreaks were brought under control, which contributed to the services sector’s recovery,” said Wang Zhe, senior economist at Caixin Insight Group, in a statement accompanying the data.
Wang noted, however, that the recovery in supply and demand “did not spill over into the shrinking labour market, with companies still cautious about expanding hiring as they sought to keep costs down.”
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