These are private-survey PMIs, Markit / Caixin

Services PMI higher on the month while the Composite is unchanged at a 43-month high

Key points noted by Markit: 

  • Stronger services activity growth contrasts with slight slowdown in manufacturing output expansion 
  • Composite employment is broadly stable 
  • Sharpest increase in total input costs and output charges since early 2011

Comments from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:

  • The headline Caixin China General Services PMI for November increased by 0.7 from the previous month to 53.1, with November also seeing increases in the index readings for input prices and prices charged.
  • Meanwhile, the Caixin China Composite Output Index for November remained unchanged at 52.9, but it was still a three-year high.
  • While the services sector continued to expand in November, the growth in manufacturing has slowed.
  • Price inflation, rather than a structural improvement, seems to be the main reason behind the recent recovery of the economy in general.
  • The economy may remain stable in the fourth quarter, but it will still face significant downward pressure next year.