BEIJING: Growth in China's services sector slowed in July from a decade high the previous month, as new export business fell and job losses continued,...
Growth in China's services sector slowed in July from a decade high the previous month, as new export business fell and job losses continued, an industry survey showed on Wednesday, pointing to cracks in the sector's post-COVID recovery.
However, pressures remain. Heavy job losses, pay cuts and now fresh COVID-19 outbreaks in the country's west and northeast regions have made some consumers cautious about spending and going out again. "Employment was still a key problem. The combination of expanding demand and production with shrinking employment has dogged the economy for several months," said Wang Zhe, Senior Economist at Caixin Insight Group.
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