2023-11-03 01:37:22 ET
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The Caixin China General Service PMI rose slightly to 50.4 in October 2023 from September's 9-month low of 50.2, marking the 10th straight month of growth in services activity as Beijing continued its efforts to stabilize the economy.
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Foreign sales grew for the second consecutive month due to an easing of travel curbs that attracted more tourists from abroad while employment stabilized after growing in the prior 8 months.
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The Caixin China General Composite PMI fell to 50.0 in October 2023 from 50.9 in September, indicating the 10th straight month of growth in private sector activity, the latest figure was the lowest this year.
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New orders rose marginally which was the slowest in ten months.
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Meanwhile, employment dropped slightly, weighed by a steeper rate of job shedding in manufacturing as service sector payrolls stagnated.
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"The economy has shown signs of bottoming out, but the foundation of recovery is not solid," said Dr. Wang Zhe, senior economist at Caixin Insight Group, adding that Beijing has moved to stabilize the economy, but the impact on household income, employment, and expectations remains to be seen.
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Currency: ( CNY:USD )
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China services PMI edges slightly higher to 50.4, composite fell to 50 in October