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Beijing, 31 October – China’s non‑manufacturing Purchasing Managers’ Index (PMI) slipped to 49.7 in October, a 0.5‑point decline from the 50.2 reading in September, according to data released by the National Bureau of Statistics on Saturday. The index fell below the 50‑point threshold that separates expansion from contraction, indicating a slowdown in service‑sector activity. The services PMI, however, held steady at 50.0, a 0.2‑point drop from September, remaining just above the expansion line. The overall picture shows that while some service subsectors weakened, many others continued to grow. Sector‑level performance varied. Rail transport, accommodation, and culture, sports and entertainment services recorded notable improvements, with their indices moving into the expansion zone during the National Day holiday, when travel and consumer spending were boosted. Water transport, postal services, and internet, software and information technology services all posted indices above 55.0, signalling rapid growth. Finance was the only major service category to register a decline in activity, and its contraction contributed to the overall slowdown in the services sector. Construction activity also fell, with the construction PMI dropping 2.3 points to 48.0, reflecting a slowdown in building work. In the first half of the year, the services sector grew by 5.9 percentage points relative to the same period last year and contributed 66.1 % to China’s economic growth. Article source: Haberler | Image credit: Haberler
Beijing, 31 October – China’s non‑manufacturing Purchasing Managers’ Index (PMI) slipped to 49.7 in October, a 0.5‑point decline from the 50.2 reading in September, according to data released by the National Bureau of Statistics on Saturday. The index fell below the 50‑point threshold that separates expansion from contraction, indicating a slowdown in service‑sector activity. The services PMI, however, held steady at 50.0, a 0.2‑point drop from September, remaining just above the expansion line. The overall picture shows that while some service subsectors weakened, many others continued to grow. Sector‑level performance varied. Rail transport, accommodation, and culture, sports and entertainment services recorded notable improvements, with their indices moving into the expansion zone during the National Day holiday, when travel and consumer spending were boosted. Water transport, postal services, and internet, software and information technology services all posted indices above 55.0, signalling rapid growth. Finance was the only major service category to register a decline in activity, and its contraction contributed to the overall slowdown in the services sector. Construction activity also fell, with the construction PMI dropping 2.3 points to 48.0, reflecting a slowdown in building work. In the first half of the year, the services sector grew by 5.9 percentage points relative to the same period last year and contributed 66.1 % to China’s economic growth.
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