MADRID, 3 Nov. (EUROPA PRESS) –
The activity of the services sector in China showed “marginal” growth in October due to the weakness of demand, but it remained above 50 points for the tenth consecutive month, the threshold that separates expansion from contraction, according to the Managers’ Index. Purchasing Index (PMI) calculated by Caixin.
Specifically, the PMI for services in China stood at 50.4 points in October compared to 50.2 points in September.
Caixin explained that the low levels of activity coincided with a further slowdown in new order growth, “which was the weakest of the year to date”, despite a more rapid improvement in new exports.
In fact, new exports increased at the fastest pace in the last four months, in a context of greater numbers of foreign visitors.
At the same time, according to the report, service companies adopted a “more cautious” stance on hiring, with employment levels unchanged after eight months of expansion.
In addition, expectations for activity one year ahead were at the lowest level since early 2020 amid concerns that market sluggishness could persist in the coming months.
