over 1 year ago • 1 min
There wasn’t a single economist on record who expected China's non-manufacturing activity – which encompasses the services and construction sectors – to be as strong as it was in June. They expected services activity to rise, sure, but shrinking construction activity to offset those gains, given all the problems facing China’s property sector. But you can see in the latest data that both jumped, which bodes well for the country’s retail sales and infrastructure investment.
That doesn’t mean China is completely out of the woods, mind you: its economy has probably still shrunk this quarter compared to last. But it does suggest that the country is recovering quickly from the stringent lockdown restrictions it’s been living under, and that the economy might start growing again sooner than you’d think…
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