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Financial News: China's Private Sector Logs Weakest Growth Since 2016

China's Private Sector Logs Weakest Growth Since 2016

11/03/2017 - 01:52:00 (RTTNews)

(RTTNews) - China's private sector expanded at the slowest pace in more than a year in October driven by a further slowdown in manufacturing, survey data from IHS Markit showed Friday.

The Caixin composite output index fell to 51.0 in October from 51.4 in September. This was the lowest score since June 2016. Nonetheless, a reading above 50 indicates expansion.

Growth in Chinese services activity picked up from September's 21-month low. The services Purchasing Managers' Index rose to 51.2 from 50.6 in September.

The Caixin PMIs for October showed that the economy had a relatively weak start to the fourth quarter, Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said. However, monetary policy is unlikely to be loosened unless major downside risks emerge.

Data showed that new business increased across the manufacturing and service sectors. Services companies registered a moderate increase in new order books that was similar to that seen in September.

Employment at the composite level was little-changed for the third month running, as further job shedding at manufacturers continued to offset hiring at services companies.

Average input costs rose in both the manufacturing and service sectors at the start of the fourth quarter. At the composite level, the rate of input cost inflation was unchanged from September's eight-month record.

At the same time, output charges at the composite level rose for the fifth successive month and at a moderate pace.

Optimism towards the 12-month business outlook weakened to a three-month low across the manufacturing sector, but improved slightly at services companies.

Nonetheless, the degree of sentiment at the composite level remained relatively subdued, and was the lowest seen since July, data revealed.

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