China data - Caixin Services PMI for November: 51.2 (prior 52.0)

The Caixin / Markit services and composite PMis from China

Caixin Services PMI for November 51.2

• prior was 52.0

Caixin Composite PMI, 50.5

• prior was 49.9

Key points:

• Slower increase in service sector business activity, as manufacturing output stabilises
• Softer expansion of service sector staff numbers, while manufacturing employment continues to decline
• Composite output charges decline at steepest rate in 20 months

Comment from Dr. He Fan, Chief Economist at Caixin Insight Group:

• "The headline Caixin China General Services PMI for November is 51.2, down slightly from October's 52 but still above the neutral 50-point level.
• The Caixin Composite Output Index climbed to 50.5 from October's 49.9, rising over 50 for the first time in four months. This shows that the macro economy has moved further toward stable growth and the economic structure is improving.
• Future fiscal and monetary policies must be coordinated and large-scale stimulus should be avoided as much as possible."