China Services Sector Slows In November - Caixin
2024-11-27
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(fxcue news) - The services sector in China continued to expand in November, albeit at a slower pace, the latest survey from Judo Bank revealed on Wednesday with a services PMI score of 51.5.
That's down from 52.0 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
Services activity growth slowed in line with the trend for new business. While improvements in underlying demand and market conditions supported another rise in new business, the rate of growth eased from October and was below average. Export business rose at a faster pace compared with overall new business but also saw the rate of growth moderate from October.
Despite the slowdown in new business growth, the level of outstanding business increased for a fourth straight month in November. This resulted in further job creation in the Chinese service sector as firms sought to hire additional staff to cope with higher workloads. The rates at which outstanding business and employment rose were marginal, however.
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