China's June Caixin Services PMI Hits Lowest in 5 Months
The Lowest Since January at 53.9
China's Caixin Services Purchasing Managers' Index (PMI) for June recorded its lowest level in five months.
![[Image source=Reuters Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2019080513291082353_1564979351.jpg)
On the 5th, Chinese economic media Caixin announced that the June Services PMI was 53.9, down from 57.1 in the previous month. This is the lowest figure since January.
The PMI indicates economic expansion when above the baseline of 50, and contraction when below it. Last week, China's National Bureau of Statistics released the official Services PMI, which was recorded at 52.8, down 1 point from the previous month. The expansion in the services sector has slowed for three consecutive months.
Hot Picks Today
"Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- "Striking Will Lead to Regret": Hyundai-Kia Employees Speak Out... Uneasy Stares Toward Samsung Union
- Man in His 40s Who Kept Girlfriend's Body for a Year After Murder Sentenced to 30 Years in Prison Again on Appeal
- Despite Captivating the Nation for Over a Month... "Timmy" the Whale Ultimately Found Dead
- "If You Booked This Month, You Almost Lost Out... Why You Should Wait Until 'This Day' Before Paying for Flight Tickets"
Foreign media analyzed that the decline in PMI was driven by rising youth unemployment in China and decreased service spending in travel and dining. In May, the youth unemployment rate for those aged 16 to 24 in China reached a record high of 20.5%.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
