Business

China Nov Caixin Services PMI 51.9 Vs

China Nov Caixin Services PMI 51.9 Vs

November has seen the highest pickup in Russia's service sector since January 2017 thanks to a surge in new orders and accelerating business activity, according to Markit Economics data. The services Purchasing Managers Index came in at 56.2, in line with flash estimate, versus 55.0 in October.

Duncan Brock, director of customer relationships at the Chartered Institute of Procurement & Supply (CIPS), said: "November's data painted a disappointing portrait of a sector struggling against Brexit-related uncertainty and a weaker economic outlook".

PMI, an indicator of the economic health of a sector, is based on data compiled after monthly surveys are sent to purchasing executives at almost 300 companies.

Bolstered by the improvement in the service sector, the Caixin China Composite Output Index, which covers manufacturing and service companies, rebounded to 51.6 from October's 16-month low of 51.

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A number above 50 points to an expansion in activity, while anything below that indicates a contraction.

The report showed although optimism in the sector increased, growth in business activity fell off its six-month high, while increases in volumes of new work eased. New business expanded at a rapid pace while input costs and prices charged continued to rise, said Caixin.

After strong manufacturing sector data last week, the latest service figures suggest the private sector is heading for its best quarter since the second quarter of 2011, Gill said.