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China’s factory, service sectors shake off 3 months of lockdown pain

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BEIJING (Reuters) – China’s factory and service sectors snapped three months of activity decline in June, business surveys showed on Thursday, as authorities lifted a strict COVID lockdown in Shanghai, reviving output and consumer spending. The official manufacturing purchasing managers’ index (PMI) rose to 50.2 in June from 49.6 in May, the National Bureau of Statistics (NBS) said. That slightly missed the forecast for 50.5 in a Reuters poll but rose above the 50-point mark that separates contraction from growth for the first time since February. While activity has sped up since various COVID…

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