Hopeful sign as China's service PMI rebounds
Source: Bloomberg News |
November 5, 2012, Monday
|
Print Edition
Print Edition
CHINA'S non-manufacturing industries rebounded in October from the slowest expansion in at least 19 months, adding to signs the world's second-biggest economy is recovering after a seven-quarter slowdown.
The Purchasing Managers Index rose to 55.5 last month from 53.7 in September, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing yesterday. September's reading was the weakest since a new seasonally adjusted series of the gauge began in March 2011.
The non-manufacturing PMI is based on responses from purchasing managers at 1,200 companies in 27 industries, including banking, retailing, construction and transport. A reading above 50 indicates expansion.
"There are increasing signs that the pickup of economic activity in September is more than a one-off phenomenon,'' Ding Shuang, senior China economist at Citigroup Inc in Hong Kong, said before the announcement. The central bank "seems determined to keep liquidity adequate and monetary policy remains accommodative," he said.
China's economic growth cooled to a three-year low of 7.4 percent in the third quarter.
The Purchasing Managers Index rose to 55.5 last month from 53.7 in September, the National Bureau of Statistics and China Federation of Logistics and Purchasing said in Beijing yesterday. September's reading was the weakest since a new seasonally adjusted series of the gauge began in March 2011.
The non-manufacturing PMI is based on responses from purchasing managers at 1,200 companies in 27 industries, including banking, retailing, construction and transport. A reading above 50 indicates expansion.
"There are increasing signs that the pickup of economic activity in September is more than a one-off phenomenon,'' Ding Shuang, senior China economist at Citigroup Inc in Hong Kong, said before the announcement. The central bank "seems determined to keep liquidity adequate and monetary policy remains accommodative," he said.
China's economic growth cooled to a three-year low of 7.4 percent in the third quarter.
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