Stock Groups

China October official services PMI falls to 52.4 vs 53.2 in September -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: After the COVID-19 outbreak in Shanghai, China, October 10, 2020, a woman receives the QR code from her smartphone for the digital payment services. REUTERS/Aly Song

BEIJING (Reuters – China’s service sector grew less in October than usual, according to official data. This is because China has been fighting small-scale COVID-19 attacks mainly in the north.

According to data from National Bureau of Statistics, the official PMI (Purchasing Managers’ Index) for non-manufacturing fell from September’s 53.2 to 52.4 in Oct. On a monthly basis, the 50-point mark distinguishes between growth and contraction.

Analysts claim that services, which took longer to recover than manufacturing from the pandemic, are more susceptible to COVID-19 outbreaks. This could impact the forecast for consumption’s anticipated rise in the next months.

Composite PMI for June, which covers both manufacturing activity and services activity, was 50.8, compared to September’s 51.7.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by exchanges. They are instead provided by market makers. As such, the prices might not reflect market values and could be incorrect. Fusion Media does not accept any liability for trade losses caused by the data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.



[ad_2]