China's service sector growth slows in October

BEIJING – Activity growth in China's services sector fell to its lowest level in 13 months in October, a private indicator revealed on Monday, which is consistent with official data showing a slowdown in the economy. Activity in the sector.

Caixin China's Purchasing Managers' Index rose from 53.1 in September to 50.8 in October, announced Caixin Media Co. and research firm Markit. The reading is the lowest since September 2017.

A value greater than 50 indicates an increase in activity compared to the previous month, while a level below this value indicates a contraction.

The new business subindex dropped to its lowest level since November 2008, although it remained in expansionary territory, indicating a decline in demand for services, said Zhengsheng Zhong, director of the business. macroeconomic analysis of the CEBM group.

The employment sub-indexes and prices billed by service providers both rebounded in positive territory in October, Caixin said.

China's official non-manufacturing PMI, which includes the construction sector, fell to its lowest level in 17 months in October, mainly because of the weak services sector, official data revealed last week.

Write to Grace Zhu at [email protected]