Non-manufacturing PMI in China surges to 52.2 in December
Date
12/31/2024 2:22:54 AM
(MENAFN) The purchasing managers' index (PMI) for China’s non-manufacturing sector rose to 52.2 in December, up from 50 in November, according to official data released on Tuesday. A PMI reading above 50 signals expansion, while a reading below 50 indicates contraction, suggesting that China's non-manufacturing sector experienced growth in December.
The service sector showed notable improvement, with its sub-index rising to 52 in December, up from 50.1 in November, marking the highest level since April, as reported by the National Bureau of Statistics (NBS). The data highlighted strong performance in industries such as air transport, telecommunications, radio, television, satellite transmission services, and financial sectors like insurance, all of which saw sub-indices above 60, reflecting robust growth in business volume.
However, the data also indicated a contraction in sectors related to resident services compared to the previous month. This decline in services related to residents was a notable exception in an otherwise positive performance for China’s service industries.
Additionally, the construction sector showed a return to expansion in December, with its sub-index rising to 53.2, up from 49.7 in November. The data also revealed that the country's manufacturing PMI stood at 50.1 in December, indicating slight growth in the manufacturing sector as well.
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