China's services activity shrank to six-month lows in November as widening COVID containment measures weighed on demand and operations, a private-sector business survey showed on Monday, pointing to a further hit to economic growth.
The Caixin/S&P Global services purchasing managers' index fell to 46.7 from 48.4, marking the third monthly contraction in a row. The 50-point index mark separates growth from contraction on a monthly basis.
"Since October, the impact of COVID outbreaks has taken a heavy toll on the economy, and the challenge of how to balance COVID controls and economic growth has once again become a core issue," said Wang Zhe, senior economist at Caixin Insight Group. Companies in the Caixin/S&P survey reported the strongest falls in output and new work for six months, and continued to cut staff as confidence in the outlook for the next 12 months fell to an eight-month low.
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