China's services activity picks up slightly in Oct - Caixin PMI
© Reuters. Employees prepare meat and vegetables at a kitchen of a hotpot restaurant in Beijing, China April 8, 2022. Picture taken April 8, 2022. REUTERS/Tingshu Wang/File Photo
The Caixin/S&P Global services purchasing managers' index rose to 50.4 in October from September's nine-month low of 50.2. The pace of expansion also remained much slower than seen on average in the first half of the year.An official survey showed on Tuesday that services PMI dropped to 50.1 from 50.9 in September.
The slowdown in sales growth led to companies' more cautious approach to recruitment. Employment in the sector was unchanged in October, having expanded in each of the previous eight months. Caixin/S&P's composite PMI, which includes both manufacturing and services activity, declined to 50.0 from 50.9 in September, marking the lowest reading since December 2022.
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