China's economic recovery fades as services, factory activity show weakness | CNN Business

The non-manufacturing Purchasing Managers’ Index, an important reading of sentiment in the services and construction sectors, fell to 53.2 in June from 54.5 in May, data from the National Bureau of Statistics showed. The sub-index for services activity also fell to a six-month low, reaching 52.8 in June. The services sector is crucial to China’s economy. It accounts for 58% of GDP and 48% of employment.

But there is only so long that this can go on,” Carnell said. The manufacturing PMI, a key indicator of factory activity, reached 49 in June, according to the National Bureau of Statistics on Friday. That was a slight improvement from May’s 48.8, but indicated the sector is still contracting. A PMI reading above 50 indicates expansion, while anything below that level shows contraction.

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LVMH owner Bernard Arnault reportedly visits China after luxury spending rebound | CNN BusinessBernard Arnault, chairman and CEO of LVMH, has reportedly arrived in China for his first visit to the country since the end of its strict Covid restrictions, after his company posted a jump in sales driven by a rapid rebound in China’s luxury spending.
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