China service sector growth underwhelms in Oct- Caixin PMI

China service sector growth underwhelms in Oct- Caixin PMI

Investing.com-- China’s service sector grew at a much slower-than-expected pace in October, a private survey showed on Friday, as a deepening slump in domestic demand largely offset some improvement in foreign orders. grew 50.4 in October, missing estimates for a reading of 51.2. The reading accelerated slightly from the 50.2 seen in September, but still remained just shy of contraction. A reading below 50 indicates contraction in the sector.

While some improvement in foreign demand aided the services sector, it was largely insufficient in offsetting a decline in local demand. Chinese businesses and consumers have scaled back sharply on spending this year, amid increasing concerns over a slowdown in the world's second-largest economy. The soft PMI readings highlighted the sustained weakness in China’s economy this year, with economic activity struggling to pick up despite the lifting of anti-COVID measures at the beginning of the year.

This was particularly apparent by weakness in the services sector, which is otherwise a stalwart supporter of business activity.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Investingcom /  🏆 450. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

China's services activity picks up slightly in OctChina's services activity picks up slightly in Oct - Caixin PMI
Read more »

China's Caixin Services PMI improves to 50.4 in October vs. 50.2 priorChina's Services Purchasing Managers' Index (PMI) rose to 50.
Read more »

German manufacturing remains under pressure in OctGerman manufacturing remains under pressure in Oct - PMI
Read more »

China says official to lead a delegation in China-US nuclear talksThe Chinese foreign ministry said on Thursday a leading official from its department of arms control affairs will lead a delegation in China-U.S. nuclear talks.
Read more »

EUR/USD reclaimed the 1.0600 mark, Eurozone PMI, US data loomThe EUR/USD pair gains traction during the early European session on Thursday.
Read more »