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Dec. 2, 2020, 9:29 p.m. EST

China services-sector activity sped up in November

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By MarketWatch

BEIJING--A private gauge of China's services-sector activity rose at a faster pace in November, pointing to a further recovery of business activity in the wake of the coronavirus outbreak.

The Caixin China services purchasing managers index rose to 57.8 in November from 56.8 in October, Caixin Media Co. and research firm Markit said Thursday.

It was the seventh straight month that the index stayed above the 50 mark separating expansion from contraction, Caixin said. Business confidence improved to the highest level for over nine-and-a-half years and new business expanded at the quickest rate since April 2010, added Caixin.

"The post-epidemic services recovery continued to pick up speed in November," said Wang Zhe, a senior economist at Caixin Insight Group. Employment improved sharply in November and reached its highest point since October 2010, he added.

China's official non-manufacturing purchasing managers index, a competing gauge, rose to 56.4 in November from 56.2 in October, the National Bureau of Statistics said earlier. The Caixin PMI is tilted more toward smaller companies, while the official gauge is weighted toward larger companies.

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