Ekonomické zprávy
03.11.2021

China service sector growth accelerates in October

RTTNews reports that data published by Caixin/Markit showed that China's service sector logged a strong momentum in October.

The services PMI rose to 53.8 in October from 53.4 in September. The rate of growth was the quickest seen since July.

Driven by improved market conditions and increased customer demand, new orders posted the steepest growth in three months. Export orders also returned to growth in October.

Employment at services companies rose for the second month in a row, though the rate of job creation remained mild overall.

On the price front, the survey revealed that average input price inflation increased to a three-month high. Panel members attributed the latest rise in expenses to greater staff and raw materials costs.

Subsequently, output price inflation accelerated at the fastest pace since July.

The composite output index that combines the performance of manufacturing and services activity, gained marginally to 51.5 in October from 51.4 in September. The upturn was driven by a further expansion in services activity, as manufacturing production declined for the third month in a row.

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