Composite PMI Rose to 51.6 in November, Indicating Stronger Recovery. Monthly Survey Shows Stronger Optimism in Market Conditions.
The China Services Purchasing Managers’ Index (PMI) registered a significant advance, rising from 50.4 in October to 51.5 in November, reaching the highest level in three months, as indicated by the monthly survey released by S&P Global in partnership with Caixin. This result indicates a positive outlook for the services sector in the Asian country.
With the data from the segment, the composite PMI, which combines services and industry, also showed a significant increase, moving from the neutral level of 50.0 to 51.6 between October and November. According to the survey, this evolution signals a renewed increase in total business activity across China. Therefore, a significant improvement in the performance indicator for the services sector of the Asian country is observable.
Increase in the Growth Rate of the Services PMI
The growth rate of the composite PMI was the best recorded since August, although it was considered globally modest. New orders increased at a moderate pace, but it was the best in three months, supported by faster advances in sales in both the manufacturing and services sectors.
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Decrease in Composite Exports
A warning is that composite exports fell again in November, as lower external demand for Chinese manufactured goods offset an increase in service exports.
Stronger Recovery in the Services Sector
Specifically in services, a stronger recovery in total new business was observed in this last quarter of the year. The growth rate of the services PMI was the best recorded since August, and companies reporting higher sales frequently mentioned that this was due to stronger underlying market conditions.
Stronger Optimism for Next Year
At the same time, companies expressed stronger optimism about the outlook for next year.
Source: Info Money

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