China's economy is going backwards
CNN
China's gigantic services sector just contracted at the second sharpest pace on record as Covid lockdowns hit businesses hard.
The Caixin purchasing managers' index, a closely-watched indicator for assessing the state of the economy, plummeted to 36.2 in April from 42 in March, according to a survey released by IHS Markit on Thursday. A reading below 50 indicates contraction, while anything above that gauge shows expansion.
The services sector accounts for more than half of the nation's GDP and over 40% of its employment. And with survey data showing China's manufacturing sector also shrinking last month, the world's second biggest economy went backwards in April.
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