Financial News: China Services PMI Improves To 52.0 In October

China Services PMI Improves To 52.0 In October - Caixin

11/04/2024 - 22:23:00 (RTTNews)

(RTTNews) - The services sector in China continued to expand in October, and at a faster rate, the latest survey from Caixin revealed on Tuesday with a PMI score of 52.0.

That's up from 50.3, and it moves further above the boom-or-bust line that separates expansion from contraction.

Improvements in underlying demand and market conditions underpinned growth in new business inflows in October. The rate of expansion rose for the first time in four months though remained modest overall. Growth in new work was supported by another solid increase in export business which panelists attributed to successive business development efforts and rising interests from foreign markets such as the US.

Capacity pressure was meanwhile observed in the service sector. Despite faster services activity growth, backlogs accumulated again and at a slightly quicker pace than in September.

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