Yingwei Financial Investing – On Thursday, China’s Caixin service industry reported 48.4 in October, still in the contraction range, down 0.9 percentage points from the previous month, and the expected value was 49.
Caixin said that the service industry was more affected by the epidemic than the manufacturing industry, supply and demand continued to shrink, employment expanded for the first time this year, rising costs continued to push up sales prices, and market confidence rebounded slightly.
Wang Zhe, a senior economist at Caixin Think Tank, said that the prosperity of the manufacturing and service industries continued to decline in October, supply and domestic and foreign demand all contracted, and corporate costs rose. At present, the internal and external situation is still complex and severe, and the unfavorable factors affecting economic development have increased. In particular, the spread of the epidemic in many places has significantly restricted both supply and demand, and the foundation for economic recovery is not yet solid.
China’s Caixin Manufacturing PMI for October was 49.2, still in the contraction zone, slightly higher than the expected 49.
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(Editor: Chen Han)