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Caixin Services PMI Beats Expectations

CHINA DATA

The China Caixin services PMI joined the manufacturing index in surprising on the upside. The Nov print came in at 51.5, versus 50.5 expected and 50.4 prior. The composite index rose to 51.6 from 50.0 prior.

  • Caixin noted: "Both services supply and demand expanded, as the market continued to heal," said Wang Zhe, economist at Caixin Insight Group (RTRS).
  • Service providers were upbeat about business activity over the year ahead in November and the degree of positive sentiment picked up for the first time in five months (RTRS).
  • According to the Caixin services survey, employment fell for the first time since the start of 2023 as some firms maintained a cautious approach to hiring. November also witnessed a further slowdown in the rate of input cost inflation across China's service sector (RTRS).
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