Services Sector PMI Data Was Strong in China

Services Sector PMI Data Was Strong in China PMI data for the services sector in China was strong. Caixin services sector PMI (purchasing managers index) in China, which gradually overcome the economic effects of the coronavirus epidemic, was recorded as 57.8 in November. Economists expected the data to be announced as 56.4. Strong economic data in China continues, country has started to recover from the economic effects of the coronavirus epidemic. Following the strong manufacturing sector data, the purchasing managers index (PMI) data on the services sector also showed that the momentum of recovery was strengthened. Caixin services sector PMI recorded as 57.8 in November. The expectation of economists who participated in the Bloomberg survey was that the data in question would come as 56.4. In October, the services sector PMI was recorded as 56.8. Composite PMI in the country was 57.5 in November. In October, this figure was at the level of 55.7. The manufacturing sector PMI figures announced this week in China pointed to the highest levels in 10 years. Caixin manufacturing PMI was 54.9 in November. Economists, who participated in the Bloomberg survey, expected the data to be announced at the level of 53.5.