BEIJING—China’s services firms wallowed in contraction in April as layoffs hit a record and export orders plunged, a private survey showed.
The Caixin/Markit services Purchasing Managers’ Index (PMI) increased to 44.4 in April from 43 in March, but remained in a deep slump and far below historic averages. The 50-mark separates growth from contraction on a monthly basis.
