China Caixin PMI Services dropped from 53.8 to 52.1 in November, above expectation of 51.2. PMI Composite dropped from 51.5 to 51.2.
Wang Zhe, Senior Economist at Caixin Insight Group said: “Overall, conditions in the manufacturing sector remained stable in November, while for the service sector, expansion occurred at a slightly slower pace. The downward pressure to the economy grew, and inflationary pressure was partly eased….
“The government’s measures to stabilize commodity supplies and prices significantly eased cost pressures on manufacturing enterprises, but had a limited impact on the reduction of costs to service enterprises. Overall, inflationary pressure remained.”
