Connect to share and comment

China November official services PMI eases to 56 vs. 56.3 in October

PlacardEnlarge
(Globalpost/GlobalPost)

BEIJING (Reuters) - China's official purchasing managers' index (PMI) for the non-manufacturing sector eased slightly to 56.0 in November from 56.3 in October, the National Bureau of Statistics (NBS) said on Tuesday, but still a sign of resilience in the world's second-largest economy as it pushes ahead with structural reforms.

A reading above 50 indicates activity in the sector is accelerating, while one below 50 indicates it is slowing.

The services sector index followed the bureau's manufacturing PMI on Sunday, which showed China's factory activity held at an 18-month high in November, as well as a private survey on Monday that also showed resilience in manufacturing.

China's services industry contributed to 45 percent of gross domestic output in 2012, and it overtook manufacturing as the country's biggest employer in 2011. It has weathered the global slowdown much better than the factory sector.

A separate PMI survey of the services industry by Markit Economics and HSBC will be released on Wednesday. That survey covers more smaller, private firms than the official PMI.

(Reporting by Jonathan Standing)

http://www.globalpost.com/dispatch/news/thomson-reuters/131202/china-november-official-services-pmi-eases-56-vs-563-october