China's services sector accelerated to a seven-month high, restoring a touch of optimism over the world's second-largest economy
BEIJING - Activity in China’s services sector accelerated to a seven-month high in November, as new business, especially new export business, picked up, a private survey showed on Wednesday.
The Caixin/Markit services purchasing managers’ index rose to 53.5 last month, the quickest pace since April, from 51.1 in October. It has stayed above the 50-point margin that separates growth from contraction on a monthly basis since late 2005. The Caixin reading signals a recovery in activity across the services sector, according to Zhong Zhengsheng, director of macroeconomic analysis at CEBM Group.
But the measure for business expectations, despite rising on the previous month, was “still lower than the long-term average, reflecting depressed business confidence,” said Zhong.Caixin’s composite manufacturing and services PMI, also released on Wednesday, rose to 53.2 in November from 52.0 in the previous month, marking the highest reading since February 2018.
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