China’s non-manufacturing PMI dips in Nov. ’24

China’s non-manufacturing Purchasing Managers’ Index (PMI) dropped to 50.0 per cent in November, signalling a slight contraction. This decline was driven by a contraction in the construction industry and stagnant growth in the service industry.

While some sectors, such as telecommunications, internet software, and financial services, continued to exhibit strong growth, others like wholesale, retail, and accommodation and catering faced challenges.

The new orders index fell to 45.9 per cent, suggesting weakened demand in the non-manufacturing sector. Both the construction and service industries experienced declines in new orders.

Input prices decreased, with the input price index dropping to 49.1 per cent. This decline was more pronounced in the construction industry, while the service industry saw a more moderate decrease.

Similarly, the sales price index declined, although the rate of decline narrowed. The construction industry experienced a sharper decline in sales prices compared to the service industry.

The employment index fell to 45.4 per cent, indicating a weakening employment climate in the non-manufacturing sector. Both the construction and service industries saw declines in employment sentiment.

Attribution: The National Bureau of Statistics report

Subediting: M. S. Salama