Latest survey data signalled a further strong recovery in Chinese services activity in May, which expanded at the second-sharpest rate since November 2020. The upturn coincided with a steeper increase in total new orders and sustained rise in new export business amid reports of stronger market conditions and increased customer turnout. As a result, companies continued to add to their payroll numbers, albeit modestly, while backlogs rose further. Average input costs increased solidly, which contributed to a steeper rise in prices charged. Companies remained optimistic that activity would increase over the next year. ... (full story)