Growth concerns rise as PMI declines
A gauge of China’s services industry fell to a nine-month low in October, joining manufacturing in signaling a broadening economic slowdown.
The government’s non-manufacturing Purchasing Managers Index for the sector fell to 53.8 last month from 54 in September. The official manufacturing PMI released on Saturday was at 50.8 in October compared with September’s 51.1. Readings above 50 for both measures indicate expansion.
Both PMI gauges are released by the National Bureau of Statistics and China Federation of Logistics and Purchasing in Beijing.
Analysts suggested the latest pullbacks in services and manufacturing will further test the government’s determination to refrain from increased stimulus. (Photo 4)