China sees contraction in business activity in October - Breaking The News

China sees contraction in business activity in October

3 November

1 min read

EPA-EFE/WU HAO

Caxin China Purchasing Managers Index (PMI) landed at 48.4 in October, remaining below the neutral 50 and signaling a sustained slowdown in the country's services activity, according to a report released by y S&P Global on Thursday.

The data showed that there was a rise in staffing levels for the first time in 2022, with firms also slightly more optimistic about the overall outlook compared to last month.

"Contraction on the supply side accelerated, while the demand-side shrinkage slowed slightly. Surveyed companies said the Covid outbreaks remained the main reason. The pandemic also curbed overseas demand, with the gauge for new export orders in contractionary territory for the ninth time in the past 10 months," Senior Economist at Caixin Insight Group Dr. Wang Zhe said.

data services pmi

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