Growth in China's services sector accelerates in Oct - official PMI

Activity in China's services sector accelerated in October, official data showed on Saturday, as demand across the economy continues to recover from a coronavirus-induced slump. The official October composite PMI, which includes both manufacturing and services activity, rose to 55.3 from September's 55.1.

Activity in China's services sector accelerated in October, official data showed on Saturday, as demand across the economy continues to recover from a coronavirus-induced slump. The official non-manufacturing Purchasing Managers' Index (PMI) rose to 56.2 from 55.9 in September, data from the National Bureau of Statistics showed. The 50-point mark separates growth from contraction on a monthly basis.

China's services sector, which includes many smaller, private companies, had been slower to recover from the health crisis than manufacturing, but consumption stepped up in the third quarter. The official October composite PMI, which includes both manufacturing and services activity, rose to 55.3 from September's 55.1.