Data published by Caixin/Markit showed that last month the growth rate of activity in the service sector decreased compared to October, but the sector continued to show expansion.
The services PMI fell to 52.1 points in November from 53.8 points in October. Economists had expected a decline to 52.6 points. However, the index value above the 50 level indicates that the sector continues to expand.
According to the report, last month the growth rate of new orders slowed to a three-month low, which was due to measures to curb the spread of COVID-19. However, the companies were positive about the prospects - they expected production to increase in 2022 against the background of the weakening effects of the pandemic and improving demand conditions.
The data also showed that the composite PMI - which measures changes in activity in the services sector and manufacturing - fell to 51.2 points in November, compared with 51.5 points in October, which was below the long-run trend. (52.6 points).