Service sector index hits 16-month high
China’s services sector expanded at its quickest rate in 16 months in November, a private survey showed.
The Caixin China General Services PMI (Purchasing Managers’ Index) hit 53.1 in November, up from 52.4 in October, according to a survey conducted by financial information service provider Markit sponsored by Caixin Media Co Ltd.
A reading above 50 indicates expansion, while a reading below 50 represents contraction.
The surveyed companies said the expansion was due to increased new projects and orders, with job creation posting the fastest rate in one-and a-half years, the survey showed.
Confronted with a prolonged slowdown, China has channeled energy into the services sector to offset flagging manufacturing and lackluster exports. In the first three quarters, services made up 58.5 percent of GDP growth, up 3.4 percentage points