Finance

Chinese businesses cut back on hiring as economy struggles, PMI shows

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A worker is seen in the workshop of a factory manufacturing medical devices in Lianyungang, Jiangsu province, China.

Reuters

BEIJING — Chinese businesses are letting go of more workers than they are hiring, even though the economy is seeing some recovery from the pandemic, official data showed Monday.

That’s based on a survey from the National Bureau of Statistics, which polls businesses on how their operations have changed from the prior month, and compiles the responses into two Purchasing Managers’ Indexes — one for manufacturing and one for services.

Part of the indexes reflects whether businesses are hiring more workers, or cutting back — with 50 as the dividing line between…



Source cnbc.com

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