Tuesday, August 9

China Oct official services PMI falls to 52.4 vs 53.2 in Sep

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BEIJING — Activity in China’s services sector grew at a slower pace in October, official data showed on Sunday, as China combats small-scale COVID-19 outbreaks hitting mainly the north.

The official non-manufacturing Purchasing Managers’ Index (PMI) fell to 52.4 in October from September’s 53.2, data from the National Bureau of Statistics (NBS) showed. The 50-point mark separates growth from contraction on a monthly basis.

Analysts say the services sector, which was slower to recover from the pandemic than manufacturing, is more vulnerable to sporadic COVID-19 outbreaks, clouding the outlook for the much anticipated rebound in consumption in the months to come.

The official October composite PMI, which includes both manufacturing and services activity, fell to 50.8 from September’s 51.7. (Reporting by Ryan Woo and Gabriel Crossley; Editing by Richard Pullin)