Ser­vice sec­tor in­dex hits 16-month high

China Daily (Canada) - - NEWS CAPSULE -

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

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