world economic news

Economic News Daily – Monday 06/06/2022

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CHINA

China’s service sector continued to contract in May for the third month in a row, survey results from S&P Global showed on Monday. The Caixin services Purchasing Managers’ Index rose to 41.4 in May from a 26-month low of 36.2 in April, although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction. The pace of reduction was the second-sharpest seen since February 2020, with COVID-19 restrictions including temporary closures and limited mobility, the release said.

HONG KONG

The private sector in Hong Kong continued to expand in May, and at a faster pace, with the PMI climbing to 54.9 from 51.7 in April, the latest survey from S&P Global revealed on Monday.

SLOVAKIA

Slovakia’s unemployment rate edged down to 6.4% in March of 2022 from 7.9% in the corresponding month of the previous year, below market expectations of 6.6%. It was the lowest jobless rate since March of 2020. The number of unemployed persons decreased to 174,900 in the first quarter from 183,400 in the previous quarter. The unemployed persons decreased by 15,000 from a year ago, according to the labor force survey.

BRAZIL

Brazil’s seasonally adjusted services business activity index fell to 58.6 in May from 60.6 in April, survey data from S&P Global showed. However, a reading above 50 indicates expansion in the sector. Moreover, the latest index signaled the second-strongest pace of expansion since May 2007.