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Composite PMI rose to 51,6 in November, indicating stronger recovery. Monthly survey shows stronger optimism in market conditions.
China's services purchasing managers' index (PMI) registered a significant increase, rising from 50,4 in October to 51,5 in November, reaching the highest level in three months, as highlighted by the monthly survey released by S&P Global in partnership with Caixin. This result indicates a positive scenario for the services sector in the Asian country.
With data from the segment, the composite PMI, which combines services and industry, also showed a significant increase, going from the level considered neutral of 50,0 to 51,6 between October and November. According to the research, this development signals a renewed increase in total business activity across China. Therefore, it is possible to observe a significant improvement in the performance indicator in the Asian country's services sector.
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 modest overall. The news orders rose at a moderate rate, 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
One warning is that composite exports declined again in November, as lower foreign demand for Chinese manufactured goods offset a rise in services exports.
Stronger recovery in the services sector
Specifically in services, a stronger recovery was observed in total new business in the last quarter of the year. The services PMI growth rate was the best recorded since August and companies that recorded higher sales often mentioned that this was due to firmer underlying market conditions.
Stronger optimism for next year
At the same time, companies expressed stronger optimism around the outlook for next year.
Source: InfoMoney
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