China’s service sector activity is growing, but at a slower pace in November

The survey indicated a decline Index of purchasing managers in the service sector in China During November it reached 51.5 points, compared to 52 points during October.

An index reading of more than 50 points indicates an increase in economic activity in the sector, while a reading of less than 50 points indicates a decrease in activity.

The decline in the growth rate of activity in the services sector was in line with the slowdown in new business growth in the sector, while improvements in underlying demand and market conditions supported new business, its growth rate declined from October. Exports of services grew faster than the growth of new businesses overall.

Despite the slowdown in new business growth, the level of existing business continued to rise for the fourth month in a row during November. This has led to an increase in employment in China’s service sector, as companies look to hire new workers to cope with the increase in orders.