China's service sector grew at the slowest pace in three months in November because a cooling economy has slowed the creation of new businesses, an HSBC survey showed yesterday.
The HSBC Business Activity Index, a seasonally-adjusted gauge of the service sector in China, fell to 52.5 points in November from October's 54.1, the lowest in three months and well below the index average of 56.9. A reading above 50 indicates expansion.
By contrast, a Purchasing Managers' Index of non-manufacturing industries, compiled by the China Federation of Logistics and Purchasing, dropped to 49.7 last month from 57.7 in October. The fall signaled a contraction of service activities in China.
The HSBC survey includes more private firms while the federation's index is slanted more toward big state-owned enterprises.
"Despite slower growth in service sector activities in November, employment rose to a five-month high, which should support resilient consumer spending in the coming months," said Qu Hongbin, chief economist for China at HSBC.
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