In another sign that China’s economy is downshifting, an index released on Monday showed China’s service sector growth slowing in October to a nine-month low. The bad news followed Saturday’s poor showing for manufacturing, which grew at its slowest pace in five months.
The service reading, issued by the National Bureau of Statistics and China Federation of Logistics and Purchasing in Beijing, fell to 53.8, from 54 in September. Manufacturing came in at 50.8, down from 51.1 the month before. (Above 50 shows expansion.) The economy “still faces some headwinds,” Beijing said in a statement on Saturday.
In October, China’s statistics bureau announced that gross domestic product grew 7.3 percent in the third quarter, its slowest pace since the global financial crisis. “The momentum looks weak,” warned Hua Changchun, a China economist at Nomura Holdings in Hong Kong, reported Bloomberg News on Nov. 3.
via China Service and Manufacturing Sectors Slowing, Reports Beijing – Businessweek.
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