China’s service sector recovery strengthens in Oct, hiring picks up – Caixin PMI

The services sector, which accounts for about 60% of the economy and half of urban jobs, had initially been slower to return to growth than large manufacturers, but the recovery has gathered pace in recent months. Domestic demand drove activity, with the survey showing new export business received by Chinese services firms slipping further into contraction in October, at the fastest rate since July. “The second wave of coronavirus infections in Europe and the third wave in the U.S. have significantly suppressed China’s overseas demand,” said Wang Zhe, senior economist at Caixin Insight Group, in comments released alongside the survey.

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