The China’s Caixin Services PMI Index for December stood at 48.0, vs. 47.5 expected and the previous 46.7, which shows that the activity of the country’s services sector slowed down its rate of contraction in the reported month.
The December survey data suggested softer declines in business activity and job creation.
Wang Zhe, chief economist at Caixin Insight Group, stated that “both supply and demand contracted in the sector due to the Covid outbreaks, and indicators of business activity and total new jobs remained below 50 for the fourth consecutive month in December. However, some companies in the service sector reported that business had improved since November. The pandemic also affected foreign demand, as the reading for new export orders returned to contraction.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
