China’s official Purchasing Managers Index (PMI) for its non-manufacturing sector fell to 57.7 in October from 59.3 in September,the China Federation of Logistics and Purchasing said on Thursday.
The index suggested China’s services sector has lost some steam in October in tandem with the country’s industrial plants. China’s manufacturing sector PMI fell to its lowest level since early 2009.
China’s consumer-related service sectors remain stable,but investment-related sectors such as engineering and construction were particularly weak in October,Cai Jin,a vice president with the association,said in a statement.
Business activities in commercial property fell below 50,which points to a continued drop in future property investments,Cai noted.
The 50-point level on the index demarcates expansion from contraction in the sector.
The sub-index of new orders in services PMI fell slightly to 52.5 in October from 52.8 in September.
Input prices for Chinese service sector have eased significantly to 55.7 in October from 59.9 in September,showing inflationary pressures are easing in a broad range of sectors in the world’s No.2 economy.
The service PMI index is intended to provide a snapshot of conditions in the services sector,which accounts for less than 45 per cent of China’s economy,much less than in developed countries.
CFLP non-manufacturing PMI index: — Oct Sep Aug Jul Jun May Apr Mar Feb Jan 57.7 59.3 57.6 59.6 57.0 61.9 62.5 60.2 44.1 56.4