China’s October factory growth cools as output weakens
HONG KONG – An official survey says Chinese manufacturing activity expanded in October at a slower pace than the previous month as output weakened.
The purchasing managers’ index released Tuesday fell to 51.6 from 52.4 in September.
The index is based on a 100-point index on which the 50 mark divides expansion from contraction.
The Federation of Logistics & Purchasing’s report found that production and new orders grew at slower rates than the month before.
New export orders also faltered and showed almost no change.
A separate survey found China’s services sector also lost momentum, with the official monthly non-manufacturing PMI falling to 54.3 from 55.4 the previous month.
The PMIs are widely watched leading indicators of essential parts of China’s economy, the world’s second biggest.
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