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Financial News: China Services Sector Slows In December - Caixin

China Services Sector Slows In December - Caixin

01/05/2021 - 20:56:00 (RTTNews)

(RTTNews) - The services sector in China continued to expand in December, albeit at a slower pace, the latest survey from Caixin showed on Wednesday with a services PMI score of 56.3.

That's down from 57.8 in November, although it remains well above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, the softer rise in overall activity coincided with a slower expansion of total new work at the end of 2020. Although rising solidly overall, the latest increase in new business was the least marked since September.

The slowdown occurred alongside a weaker upturn in foreign demand. Export sales rose modestly overall, after expanding at the quickest rate for over a year-and-a-half in November. Panel members indicated that the pandemic, and the recent resurgence of the virus in key export markets, continued to limit growth of overseas business.

The survey also showed that its composite index fell to 55.8 in December from 57.5 in November.

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