China service sector growth picks up steam in November

China service sector growth picks up steam in November

Mubasher: Business activity of Chinese service providers grew at a faster momentum in November, private data showed on Wednesday.

The Caixin China service purchasing managers’ index (PMI) climbed to 53.8 last November from 13-month low of 50.8 in August, remaining well above the 50 benchmark which separates growth from contraction, Caixin Media and research firm IHS Markit stated.

This contradicted official data which indicated that the non-manufacturing segment, including construction, fell to 15-month low last month. China’s official PMI dropped to 53.4 in November, compared with 53.9 in October, the National Bureau of Statistics (NBS) reported last week.

Total new orders registered the steepest increase since last June in November, with the new export orders posting a modest upturn, Caixin said.

Moreover, expectations of rising new order inflows led service providers to expand their workforce for the second month in a row.

By10:54 am GMT, the Chinese yuan (CNY) declined 0.34% against the US dollar to CNY 6.8608.