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12/4, 2:47 AM (Source: TeleTrader)
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Chinese service sector reaches 7-month high in November

The seasonally adjusted Chinese Services Business Activity Index stood at 53.5 in November, representing a jump of 2.4 index points from the previous month, according to a report published on Wednesday by IHS Markit. November's figure overwhelmingly beat the estimates of 51.2 and reached the highest point in the last seven months.

The Composite Output Index, which takes both, the service and the manufacturing sector into account, was 1.2 index points higher compared to October to reach 53.2 in November, showing the sharpest rate of growth in almost two years, the report noted. New orders drove the improvement in both sectors, while service companies experienced a four-month record in the growth of new export sales.

"China's economy continued to recover in November, as domestic and foreign demand both improved," Director of Macroeconomic Analysis at CEBM Group Dr. Zhengsheng Zhong said, but warned that "the trade dispute is the major reason behind the slowing economic growth this year, and will become a key factor affecting the stabilization and recovery of China’s economy next year."

Breaking the News / MS