China's services sector grows more than expected in November - Caixin
By Michele Maatouk
Date: Tuesday 05 Dec 2023
(Sharecast News) - China's services sector grew more than expected in November, according to data released on Tuesday.
The Caixin services purchasing managers' index rose to 51.5 from 50.4 in October, coming in above consensus expectations of 50.5. This marked the highest reading in three months.
A reading above 50.0 indicates expansion, while a reading below signals contraction.
Sheana Yue, China economist at Capital Economics, noted that the Caixin PMI contrasts with the decline in the official services index released last Thursday.
"Together with a stronger manufacturing reading, the Caixin composite index increased for the first time in six months," she said.
"At face value, the average of the official and Caixin composite surveys suggests that the economy made some headway in November. But they still point to a marked slowdown in recent months which may not be the case in practice - the hard data have held up better than survey-based measures lately."
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