Markit Economics has announced that the latest PMI data indicated that Chinese services activity growth slowed in December, but remained marked overall. New business also expanded at a softer pace, amid only a modest increase in new export sales.
- Chinese Caixin Services PMI Dec: 56.3 (exp 57.9; prev 57.8).
- Caixin Composite PMI Dec: 55.8 (prev 57.5).
”Business confidence meanwhile remained robust and improved to the highest since April 2011 due to hopes of a further rebound in global economic conditions.”
Chinese December Caixin Services PMI – Full Report
”At the same time, firms continued to add to their payrolls, which helped to reduce levels of backlogged work. Prices data revealed a further sharp rise in input costs, which led firms to increase their output charges at the quickest rate since January 2008.”
AUD softer
AUD is a touch lower on the report, trading at 0.7755 between a range of 0.7744 and 0.7772.
Description of the Caixin Services PMI™
The Caixin Services PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The panel has been carefully selected to accurately replicate the true structure of the services economy.
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