Factory activity in China shrank for the sixth straight month in October and by ...
BEIJING - Factory activity in China shrank for the sixth straight month in October and by more than expected, while service sector growth eased as firms grapple with the weakest economic growth in nearly 30 years.
New export orders fell for the 17th month in a row in October, with the sub-index down to 47.0 from 48.2 in the previous month. China’s manufacturing sector will remain under pressure in the coming months as the nearly 16-months long Sino-U.S. trade war remains unresolved although Washington and Beijing are working on a first-phase trade accord that could be finalised soon.
He said in a research note the construction index picked up, suggesting that building activity remained a bright spot, but adding this was overshadowed by a large drop in the index for service sector activity. The services sector, which makes up more than 50% of the economy, has been propped up by Chinese consumers’ rising wages and robust spending power in recent years. However, the services sector cooled late last year amid a broader economic downturn.
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