An independent gauge of China’s services sector growth rebounded last month from a nearly 12-month low, narrowing the spread with its official counterpart and pointing to greater divergence with the country’s manufacturing sector.
The Caixin-Markit services purchasing managers’ index came in at 52.8 in May, up from 51.5 in April and further above to the 50-point mark separating growth from contraction.
The rise ended a four-month streak of weakening growth and tightened the Caixin gauge’s spread with an official services PMI sub-index produced by China’s statistics bureau to 0.7, from 1.1 in April.
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