Uptick in orders sees services sector expand

Source:Reuters-Global Times Published: 2018/12/5 19:08:40

China's services sector grew at its quickest pace in five months in November thanks to an uptick in new orders, a private survey released on Wednesday showed.

The Caixin/Markit services purchasing managers' index (PMI) rose to 53.8 in November from 50.8 in October, well above the 50.0 mark separating growth from contraction.

The bounce off the 13-month low in October suggests pockets of strength in domestic demand in a sector that accounts for more than half of China's gross domestic product and urban jobs.

The subindex for new business in China's services sector rose to 52.5 in November, also a five-month high, from 50.1 in October. Firms also increased their staffing in November, but at a more gradual pace than a month earlier.

Posted in: ECONOMY,COMPANIES

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