China 's November Caixin Services PMI beats expectations
China 's November Caixin Services PMI came at 53.1 vs 52.4 last, while composite was 52.9 (unchanged).
Summary
Caixin China Composite PMI™ data (which covers both manufacturing and services) showed a further solid increase in Chinese business activity in November. The Composite Output Index was unchanged from October’s 43-month record of 52.9 in November.
Commenting on the China General Services PMI™ data, Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said: “The headline Caixin China General Services PMI for November increased by 0.7 from the previous month to 53.1, with November also seeing increases in the index readings for input prices and prices charged."
Zhong added: "Meanwhile, the Caixin China Composite Output Index for November remained unchanged at 52.9, but it was still a three-year high. While the services sector continued to expand in November, the growth in manufacturing has slowed. Price inflation, rather than a structural improvement, seems to be the main reason behind the recent recovery of the economy in general. The economy may remain stable in the fourth quarter, but it will still face significant downward pressure next year.”