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Financial News: China's Private Sector Expands Most In 21 Months

China's Private Sector Expands Most In 21 Months

12/03/2019 - 22:20:00 (RTTNews)

(RTTNews) - China's private sector expanded at the steepest pace in 21 months in November driven by the upturn in manufacturing and services, survey results from IHS Markit showed Wednesday.

The Caixin composite output index rose to 53.2 in November from 52.0 in October. A reading above 50 indicates expansion.

The services Purchasing Managers' Index advanced to a seven-month high of 53.5 from 51.1 in October. Companies widely commented on planned company expansions, new projects and an improvement in overall demand conditions.

At the composite level, new orders expanded at the fastest rate since February 2018. The amount of new work received from abroad continued to improve across China.

Employment at the composite level increased slightly midway through the fourth quarter, offsetting a fractional decline in October.

Input prices increased at a moderate pace in November. Output charges also rose only slightly for the third consecutive month.

Meanwhile, business confidence regarding output over the next year remained subdued in November, with the overall level of positive sentiment edging down since October.

The trade dispute is the major reason behind the slowing economic growth this year, and will become a key factor affecting the stabilization and recovery of China's economy next year, Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, said.

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