Service PMI rises at slowest pace
Print Edition
CHINA’S service activity grew at the slowest pace in nine months in October while the manufacturing sector performed flatly, clouding an economic stabilization, a survey showed yesterday.
The official non-manufacturing Purchasing Managers’ Index, which measures the operational conditions in large state-owned service companies, dipped to 53.8 in October from 54 a month earlier, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
While a reading above 50 signals growth, the October figure was the lowest since January. The component construction industry index fell to 58.5 last month from 60.2 in September — the biggest drag on the headline index.
Also yesterday, the HSBC Purchasing Managers’ Index, a gauge of vitality in the private and export-oriented industrial companies, stood at 50.4 in October, flat from an earlier flash reading and up slightly from 50.2 in September.
Qu Hongbin, chief economist for China at HSBC, said the new orders and new export orders revised slightly downward from its flash reading.
“It seemed the manufacturing sector continued to stabilize in October, however, the sequential momentum likely weakened,” Qu said.
“We see uncertainties, given the property downturn, as well as the slow pace of global recovery.”
The official manufacturing PMI, released on Saturday, showed activity in the big state-owned industrial companies grew at the slowest pace in five months in October, which raised fresh concerns about the stability in the world’s second-largest economy.
China’s gross domestic product grew 7.3 percent year on year in the third quarter, its slowest pace in more than five years, but major activity indicators for September, including industrial production, fixed-asset investment and retail sales, all pointed toward stabilization.
The third-quarter growth, the weakest since the first quarter of 2009, was led by the property sector, analysts said earlier.
In the first nine months, China’s GDP grew 7.4 percent.
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