2023-10-31 02:44:12 ET
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The official NBS Manufacturing PMI in China unexpectedly fell to 49.5 in October 2023 from 50.2 in September, missing market forecasts of 50.2.
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Furthermore, the official NBS Non-Manufacturing PMI for China unexpectedly was down to 50.6 in October 2023 from 51.70 a month earlier, missing market estimates of 51.8.
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It marked the tenth straight month of expansion in the service sector but the softest in the sequence, underlining fragile economic recovery that needs more support measures from the government.
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The NBS Composite PMI Output Index in China fell to 50.7 in October 2023 from 52.0 in the prior month, pointing to the lowest print since December 2022, as factory activity unexpectedly shrank after growing in September while the service sector grew the least in 10 months.
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The latest figure highlighted uncertainty about economic recovery in the country amid calls for more policy support from Bejing.
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China manufacturing unexpectedly shrinks, services miss forecast in October