China's services PMI eases slightly from October
Reuters in Beijing
China’s official purchasing managers’ index (PMI) for the non-manufacturing sector eased slightly to 56 last month from 56.3 in October, the National Bureau of Statistics (NBS) said on Tuesday.
The reading remained a sign of resilience in the world’s second-largest economy as it pushes ahead with structural reforms, as a number above 50 indicates activity in the sector is accelerating, while one below 50 indicates it is slowing.
The services sector index followed the bureau’s manufacturing PMI on Sunday, which showed China’s factory activity held at an 18-month high last month, as well as a private HSBC survey on Monday that also showed resilience in manufacturing.
China’s services industry contributed 45 per cent of gross domestic output last year, and it overtook manufacturing as the country’s biggest employer in 2011. It has weathered the global slowdown much better than the factory sector.