China's non-manufacturing PMI down in December

The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 41.6 in December 2022, down from 46.7 in November, the National Bureau of Statistics said Saturday. 

A reading above 50 indicates expansion, while a reading below it reflects contraction.

The construction sector maintained expansion in December, with the sub-index for business activities reaching 54.4, 1 percentage point lower than the previous month.

The service sector was weaker in December as COVID-19 and other factors weighed on market activities. The sub-index for business activities declined 5.7 percentage points from the previous month to 39.4.

But sub-indexes measuring business activities in air transport, telecommunications, radio and television, satellite transmission services, and monetary and financial services, stood above 52 and remained in the expansion range.

The sub-indexes for business activities in retail, road transport, accommodation and catering stood below 35.

Demand in the non-manufacturing market also declined, with the sub-index for new orders dropping 3.2 percentage points from the previous month to 39.1.

Saturday's data also revealed that the PMI for China's manufacturing sector came in at 47 in December -- down from 48 in November.