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Financial News: China Services PMI Falls To 52.1 In November

China Services PMI Falls To 52.1 In November - Caixin

12/02/2021 - 20:51:00 (RTTNews)

(RTTNews) - The services sector in China continued to expand in November, albeit at a slower pace, the latest survey from Caixin showed on Friday with a PMI score of 52.1.

That's down from 53.8 in October, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.

Total new business rose at the slowest rate for three months in November and only marginally overall. Firms indicated that measures to curb the spread of COVID-19 had dampened new order inflows. Foreign demand also rose only slightly, with the pandemic also cited as a key reason for relatively muted growth.

Despite the disruption to business activity due to COVID-19 and a softer rise in new work, firms remained strongly confident that output will increase over the next year.

The survey also showed that the composite index slipped to 51.2 from 51.5 in the previous month.

The rate of expansion was the softest seen over this period and modest overall. The upturn was also weaker than the long-run trend (52.6). Sector data showed that a slower rise in services activity offset a renewed, albeit fractional, increase in manufacturing output.

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