China Caixin PMI Services dropped from 48.4 to 46.7 in November, below expectation of 48.8. PMI Composite dropped from 48.3 to 47.0, signalling a third successive monthly contraction in business activity. The rate of decline was the strongest since May.
Wang Zhe, Senior Economist at Caixin Insight Group said: “Manufacturing and services activity contracted in varying degrees, with the services sector hit harder by Covid outbreaks…. The prolonged pandemic has battered the economy. While the third wave has led to a softened slowdown on both supply and demand than the previous ones, there has been significant pain in the job market.”
