China Caixin General Services PMI fell to 51.5 in November 2024, down from a three-month high of 52.0 in October and below market expectations of 52.5.
The latest reading reflected moderation in new business growth, despite faster growth in overseas sales. Meanwhile, employment increased for the third straight month, albeit only slightly.
On the cost side, input prices rose slightly on higher wages, although the inflation rate eased to a 53-month low and remained below the series average. Output prices fell for the third straight month amid increased competition. Finally, business confidence rose to a seven-month high, boosted by expectations that better economic conditions and government policy support could boost sales. However, sentiment remains below the long-term average.
Source: Trading Economics
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