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China’s November services sector activity rose to highest since April, private Caixin survey shows
- The Caixin/Markit services purchasing managers’ index (PMI) for China rose to 53.5 last month, the quickest pace since April, from 51.1 in October
- It follows rises in the official non-manufacturing PMI as well as both the official and private manufacturing purchasing managers’ indices
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Activity in China’s services sector accelerated to a seven-month high in November, the latest in a series of data which hints at short-term stabilisation in the economy, a private survey showed on Wednesday.
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The Caixin/Markit services purchasing managers’ index (PMI) rose to 53.5 last month, the fastest growth since April, from 51.1 in October, which was its slowest expansion in eight months.
On Monday, the official non-manufacturing PMI rose to 54.4 in November, beating analysts’ expectations of 53.1 and October’s figure of 52.8.
It follows two batches of positive manufacturing data, which had hinted at signs of short-term stabilisation. On Monday, the Caixin/Markit manufacturing purchasing managers’ Index (PMI) for smaller private factories edged up to 51.8 in November from 51.7 in October. This was the strongest growth in nearly three years and followed a surprise growth in the official manufacturing PMI, conducted by the National Bureau of Statistics, which on Saturday expanded for the first time in seven months.
The figure stayed above the 50-point mark that separates growth from contraction in the sector on a monthly basis.
“The reading indicates a recovery in activity across the services sector,” said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, an affiliate of Caixin.
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“The gauge for new business picked up from a recent low in October with a solid rebound in the measure for new export business, indicating domestic and foreign demand both improved.
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