China鈥檚 service PMI for November drops slightly
Print Edition
China’s official purchasing managers’ index for the non-manufacturing sector eased slightly to 56 in November from 56.3 in October, the National Bureau of Statistics said yesterday.
The non-manufacturing, or serivce, PMI reading in November also missed estimates of 56.4 by Credit Agricole. The investment banking unit of the Paris-based lender expected the index to gain instead of sliding as it said the services sector is set to benefit the most from China’s recently announced reforms.
The bank said growth momentum may gradually decelerate going forward due to very high money market rates.
A reading above 50 percent indicates expansion, while one below 50 signals contraction.
The services sector index followed the release of the official manufacturing PMI on Sunday, which posted a 19-month high in November. The HSBC manufacturing PMI on Monday also revealed a resilient domestic manufacturing sector.
The non-manufacturing PMI tracks 1,200 companies in 27 industries including service, construction, software, aviation, railway transport and real estate, according to the bureau and the China Federation of Logistics and Purchasing.
Cai Jin, vice chairman of the federation, said the service PMI stabilized at a high level last month due to recovering confidence in employment and business outlook. Activity in construction and information services increased, and more workers were hired for the non-manufacturing sector.
More companies in the service sectors expect their business to grow in the coming three months, with the business confidence index rising to 61.3 percent, 0.8 percentage point up from October.
China’s economy grew 7.7 percent in the first nine months, beating the government’s full-year target of 7.5 percent. The growth of the gross domestic product in the third quarter accelerated to 7.8 percent from 7.5 percent in the second.
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