China's Caixin services PMI a tad firmer at 53.9 in December, a slight beat
China's Caixin services PMI for December came in at 53.9 vs 52.9 expected and 53.8 last, which showed that Chinese business activity growth improved to 5-month high in December.
Meanwhile, the Composite Output Index rose to a five-month high of 52.2 in December from November’s reading of 51.9, signalling a broad-based rise in overall Chinese business activity.
Quotes from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:
“The Caixin China General Services Business Activity Index rose to 53.9 in December after a big jump the previous month.”
“Among the gauges included in the survey, the one for new business dipped slightly in December after a rebound the month before, suggesting steady demand across the services sector. The employment measure stayed in positive territory but edged down further, indicating that the employment absorption capacity of the services industry weakened mildly. The gauges for prices charged by service providers and input costs both edged up. The measure for business expectations also rose, reflecting service providers’ strengthening confidence in their prospects.”