Slower pace for services
By Ding Yining |
November 4, 2011, Friday
|
Print Edition
Print Edition
CHINA'S non-manufacturing industries slowed their pace in October due to shrinking investment in real estate and railways, although consumer spending increased, an official survey revealed.
The non-manufacturing Purchasing Managers' Index fell to 57.7 last month from 59.3 in September, the China Federation of Logistics and Purchasing said yesterday.
A reading above 50 signals expansion.
The gauge measuring real estate activities fell to 48.7 and is set to drop further for the rest of year as 98 percent of this year's affordable housing has already started construction.
"A decline in railway investment and tighter funding have led to the suspension of many railway projects, hurting demand in the construction market," Cai Jin, vice chairman of the logistics federation, said.
"Real-estate development investment will continue to slow in the fourth quarter because support from public housing investment may weaken after 98 percent of such housing has already started construction." he added.
Input prices index fell to 55.7, a sign of easing inflation pressure as raw materials and commodities costs fell in the construction sector.
Meanwhile, the index measuring consumer activities rose for a second month to 60.1 due to high retail and food consumption.
Separately, China's non-manufacturing sector grew the fastest in four months due to a robust rise in new businesses as indicated by the HSBC Business Activity Index which rose from 53 to a four-month high of 54.1 in October, HSBC said in a survey.
The non-manufacturing Purchasing Managers' Index fell to 57.7 last month from 59.3 in September, the China Federation of Logistics and Purchasing said yesterday.
A reading above 50 signals expansion.
The gauge measuring real estate activities fell to 48.7 and is set to drop further for the rest of year as 98 percent of this year's affordable housing has already started construction.
"A decline in railway investment and tighter funding have led to the suspension of many railway projects, hurting demand in the construction market," Cai Jin, vice chairman of the logistics federation, said.
"Real-estate development investment will continue to slow in the fourth quarter because support from public housing investment may weaken after 98 percent of such housing has already started construction." he added.
Input prices index fell to 55.7, a sign of easing inflation pressure as raw materials and commodities costs fell in the construction sector.
Meanwhile, the index measuring consumer activities rose for a second month to 60.1 due to high retail and food consumption.
Separately, China's non-manufacturing sector grew the fastest in four months due to a robust rise in new businesses as indicated by the HSBC Business Activity Index which rose from 53 to a four-month high of 54.1 in October, HSBC said in a survey.
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