Caixin Services PMI for October comes in at 52.0
- expected 50.5, prior 50.3
Composite 51.9
- prior 50.3
This is the final of the China PMIs for October. Earlier:
From the report, in brief on the services result today:
- Business activity and new orders grew for the 22nd month, with overseas demand increasing for the 14th consecutive month.
- Output prices remained stable as price hikes at some firms were balanced by discounts at others.
- Future activity expectations rose nearly 3 points, reaching a five-month high, with businesses optimistic about near-term economic conditions.
- Employment grew slightly as new orders prompted companies to increase staffing, marking two months in positive territory.
- Work backlogs increased slightly for the third consecutive month.
- Input costs rose, though at a slower pace, due to higher energy and raw material prices, while output prices remained stable.
And, on the Composite:
- Composite PMI marking 12 consecutive months of expansion, with services outperforming manufacturing.
- Manufacturing workforce contraction weighed on overall employment, despite growth in services.
- Prices remained stable with a slight increase in service sector input costs.
- Market optimism rebounded from September's record low.
- Following Politburo's focus on economic challenges in late September, new policies aimed at stabilizing demand and improving optimism were introduced.
- The labor market remains strained, and prices are low. Achieving 2024 growth goals will rely on a sustained rise in consumer demand, with a focus on boosting household income.
PMI
