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For the first time since January, the services industry of China recorded its growth in May, signaling the start of economic recuperation from stagnation due to lockdown measures implemented amidst the outbreak of the coronavirus. However, job loss figures continued to grow according to a private study.
The Caixin/Markit services Purchasing Managers’ Index hiked to 55.0 for the month of May, a sharp increase coming from 44.4 in the previous month. This level bested a 2010 record for the highest PMI.
The country’s services sector is a major source of jobs as it accounts for almost 60% of the economy. Its return to growth was attributed to the large demand for domestic new business as export figures hit its fourth consecutive monthly low.
Employment figures were seen at a slower pace of contraction. The government aims to prioritize avoiding mass unemployment by creating 9 million urban jobs this year.
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
The reimplementation of virus-related lockdowns in some states dragged the U.S. economic outlook in the past month, according to economists in a Reuters poll who also warned that the monitored rebound in employment may reverse by the end of ...
On Wednesday, Tesla Inc. (TSLA.O) posted its second-quarter profit worth $104 Million from April to June despite shutting down its electric vehicle factory in Fremont, California for roughly seven weeks due to the coronavirus pandemic. Tesla ...
China's diesel exports for June fell by 50% year-on-year, a record low since September 2018 as lockdown measures around the world continued to curb fuel demand. China exported has 1.04 million tons of diesel, compared to the 1.45 million and ...
Backed by record-low mortgage rates, U.S. home sales reached its strongest record in June. However, the outlook for the housing market remained murky as low inventory and high unemployment rate pressed amid the virus crisis. Existing home ...
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