S&P Global: China services activity slows in Nov. ’24

The seasonally adjusted Caixin China General Services Business Activity Index was 51.5 in November 2024, down from 52.0 in October, indicating a slower growth rate compared to the previous month.

Service activity growth slowed in November 2024, reflecting the trend in new business. Despite an increase in underlying demand and market conditions, the growth rate eased compared to October and was below average.

Export business also grew at a faster pace than overall new business, but the rate of growth slowed from the previous month, according to S&P Global recent report on Wednesday.

Despite a slowdown in new business growth, outstanding business increased for a fourth consecutive month in November, leading to job creation in the Chinese service sector as firms hired more staff to handle increased workloads.

Attribution: S&P Global report

Subediting: M. S. Salama