Caixin鈥檚 PMI shows expansion in December
Print Edition
The Caixin China Composite Purchasing Managers鈥 Index, which measures performance in smaller manufacturing and services firms, fell in December but still signaled expansion in total Chinese business activity.
The index fell to 52.6 last month from 53.2 in November, which was a 21-month high. A number above 50 indicates an expansion in activity, while below that is seen as contraction.
The reading showed that 鈥淐hina鈥檚 overall economy continued to stabilize,鈥 said Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group Ltd, an affiliate of Caixin Global.
The Caixin China General Services Business Activity Index fell to 52.5 in December from 53.5 in November. It indicated soft growth though the services continued to expand.
Despite a slower pace of expansion of services companies, new orders grew at their fastest pace in three months in December, according to the survey.
The faster growth was driven by new orders gained from a larger client base, new product offerings and improved marketing strategies. New export order growth, however, weakened in December, reflecting 鈥渟lowing expansion of foreign demand,鈥 Zhong said.
The measure for employment across the services sector fell to its lowest point in five months with a number of companies adopting a relatively cautious approach to hiring to keep costs down and operations efficient.
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