China’s Services Sector Rises In December, Private Survey Shows
The Caixin services purchasing managers’ index rose to 52.9 last month from 51.5 in November.
(Bloomberg) -- A private gauge of China’s services activity climbed to the highest in five months in December, potentially easing some concern about the economy.
The Caixin services purchasing managers’ index rose to 52.9 last month from 51.5 in November, Caixin and S&P Global said in a statement Thursday. That compares to the consensus estimate among economists of 51.6. A reading over 50 indicates expansion from the prior month.
Official data last week showed China’s factory activity shrank in December to the lowest level in six months, while service activity remained in contraction. The underwhelming figures will likely pressure fiscal and monetary policymakers to act after leaders vowed to maintain a pro-growth stance in 2024.
The private survey results have been better than the official polls for several months in the past year, in part due to their different sample sizes and the coverage of companies in different sectors of the supply chain.
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