China’s services sector grew at its slowest pace in nine months in October, a survey showed on November 3.
The official non-manufacturing Purchasing Managers’ Index (PMI) fell to 53.8 in October from September’s 54.0, which was the weakest reading since January, the National Bureau of Statistics said. The index was still comfortably above the 50-point mark that on a monthly basis separates growth from contraction.
The services sector has also been more resilient than the manufacturing sector and is creating more jobs in the country.
The sub-index of new orders inched up to 51.0 in October from September’s 49.5, which was the lowest since December 2008.
“Sub-indices for sectors such as railway transport and real estate remained below the 50 point and market demand weakened,” the bureau said.
The sub-index measuring employment fell to 48.9 in October – the fourth straight month when it was below 50 – and was down month-on-month from September’s 49.5.