Services PMI from Caixin / S&P Global for December 2023 comes in at 52.9, its highest since July 2022
- expected 51.6, prior 51.5
Composite 52.6, best since June 2022
- prior 51.6
"Key findings" cited in the report, in summary:
- Solid increase in service sector activity at end of 2023
- aided by the fastest rise in new work since May
- Slight increase in employment
The earlier December PMI's:
- China Dec Manufacturing PMI 49.0 (vs. 49.5 expected) & Services 50.4 (50.5 expected)
- China Caixin Manufacturing PMI for December 50.8 (expected 50.3)
The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers small and medium-sized enterprises.
Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey.
As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China's private sector.