China: Service industry sees slight growth in December
China’s Service Industry Shows Continued Growth in December
Recent PMI® figures indicate that China’s service sector maintained its upward momentum in the last month of the year. However, both business activity and incoming orders saw their slowest increases since June. The deceleration in sales was partly due to a renewed decline in overseas demand. In response, firms reduced their workforce, leading to a modest rise in unfinished work.
At the same time, fierce competition in the market drove output prices lower, despite ongoing increases in input costs. On a positive note, optimism about business prospects for the coming year reached its highest level in nine months.
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