China Caixin PMI Services dropped to 55.1 in May, down from 56.3, below expectation of 56.2. PMI Composite dropped to 53.8, down from 54.7.
Wang Zhe, Senior Economist at Caixin Insight Group said: “To sum up, the expansion in manufacturing and services maintained its momentum as both supply and demand expanded. Overseas demand was generally good, but service exports were affected by the pandemic. The job market continued to improve. In May, services recovered faster than manufacturing. Entrepreneurs were confident about the economic outlook. Inflation remained a crucial concern as the price gauges in manufacturing and services both rose last month.
