China's services activity shrank in December as surging COVID infections hit demand, a private-sector survey showed on Thursday, although the pace of recent declines slowed while business confidence rose to a 17-month high.
The Caixin/S&P Global services purchasing managers' index rose to 48.0 in December from 46.7 in November, but remained below the 50-point mark, which indicates contraction in activity, for a fourth straight month.
The hit to business caused by the new spread of the virus extends the pain to the services sector from the country's stringent COVID curbs, which were lifted in early December, and reflects a similar trend seen in a largerCompanies in the Caixin/S&P survey reported the falls in output and new work for the fourth straight month in December, and external demand fell into contraction from growth the previous month.
In December, companies also continued to cut staff and raise their prices, while input cost inflation softened.
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