PMI for October declines to 60.5%
Source: Xinhua |
November 4, 2010, Thursday
|
Print Edition
Print Edition
THE Purchasing Managers' Index for China's non-manufacturing sector in October fell to 60.5 percent, the China Federation of Logistics and Purchasing said yesterday.
The figure was 1.2 percentage points lower than in September, the first decline since July, the federation said in a statement on its website.
The non-manufacturing PMI is a package of indices that measures the non-manufacturing sector's performance.
A reading above 50 percent indicates economic expansion while one below 50 percent implies contraction. It was the eighth straight month the reading was above 50 percent.
The new orders index dropped 0.6 percentage point monthly to 56.3 percent.
A decline in commercial activity in the construction and real estate sectors slowed the index drop, the statement said, attributing it to seasonal factors and the government's recent property market cooling measures.
Cai Jin, the federation's deputy chairman, noted the index has stayed above 60 percent for four consecutive months, reflecting the steady performance of the service sector.
Cai said the continuous rise in input prices will put further pressure on prices in the service sector.
The figure was 1.2 percentage points lower than in September, the first decline since July, the federation said in a statement on its website.
The non-manufacturing PMI is a package of indices that measures the non-manufacturing sector's performance.
A reading above 50 percent indicates economic expansion while one below 50 percent implies contraction. It was the eighth straight month the reading was above 50 percent.
The new orders index dropped 0.6 percentage point monthly to 56.3 percent.
A decline in commercial activity in the construction and real estate sectors slowed the index drop, the statement said, attributing it to seasonal factors and the government's recent property market cooling measures.
Cai Jin, the federation's deputy chairman, noted the index has stayed above 60 percent for four consecutive months, reflecting the steady performance of the service sector.
Cai said the continuous rise in input prices will put further pressure on prices in the service sector.
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