BEIJING, Oct. 31 (Xinhua) -- The purchasing managers' index (PMI) for China's non-manufacturing sector came in at 48.7 in October 2022, down from 50.6 in September, the National Bureau of Statistics (NBS) said Monday.

A reading above 50 indicates expansion, while a reading below it reflects contraction.

The service sector was weaker this month as resurgences of COVID-19 cases dampened market activities, with its sub-index for business activities declining to 47, according to NBS senior statistician Zhao Qinghe.

The business volume of industries such as retail, aviation, transportation, hospitality and catering dropped in October, while that for telecommunications, radio, television and satellite transmission services, as well as monetary and financial services, maintained expansion.

But Zhao noted the sub-index measuring expectations for business activities of the service sector came in at 56.7, up from 56.1 in September.

The business expectation sub-indexes for industries like postal services, Internet software and information technology services topped 60 as "Double 11," China's annual online shopping spree that falls on Nov. 11 each year, approaches, said Zhao.

The construction sector maintained expansion this month, with the sub-index for business activities standing at 58.2. The business expectation sub-index for the sector reached a recent high of 64.2, indicating increased optimism among construction enterprises.

Monday's data also showed that the PMI for China's manufacturing sector came in at 49.2 in October, down from 50.1 in September. Enditem

Related

Go to Forum >>0 Comment(s)