China's service sector slows for the third consecutive month in May

The data showed that China's Caixin Services Purchasing Managers' Index (PMI) rose to 41.4 points in May from 36.2 points in April, and the composite PMI that combines the industrial and service sectors rose to 42.2 points in May from 37.2 points in April. The employment index fell to 48.5 points in May from 49.3 points in April, the lowest level since February last year, and China's unemployment rate rose to 6.1% in April, the highest level since February 2020 and well above the government's target for 2022. The Chinese Cabinet recently announced a package of 33 measures covering financial, investment and industrial policies to stabilize after China's economic activity slowed sharply in April with the worst outbreak of COVID-19 since 2020.