首页 News 正文

China's service industry PMI slightly rose in October, but the new order index fell to its lowest level in the year

因醉鞭名马幌
320 0 0

According to the latest survey data released by China Caixin. com, the economic activity of the service industry in China slightly increased in October, but the sales growth rate was the slowest in 10 months. With the low confidence of the industry, the employment situation has also stagnated.
Caixin announced on Friday (November 3rd) the Caixin China Service Industry October Purchasing Managers' Index (PMI), which found a slight increase from the lowest level of 50.2 in September and reached 50.4 in October. The increase is much lower than the average in the first half of this year.
50 is the boom and bust line of PMI, with an index higher than the boom and bust line, reflecting an upward or improving trend in economic conditions; Below the boom and bust line, it indicates that the economic situation is tending to decline or decline.
The service industry in China is becoming increasingly large, and currently provides 48% of the employment opportunities in the Chinese job market. At the beginning of this year, China's service industry rebounded significantly, but analysts believe that the slowdown in household income growth and increased uncertainty in the job market have placed a question mark on the sustained expansion of China's service industry.
The official data released by the National Bureau of Statistics on Tuesday shows that the purchasing managers' index of China's service industry has dropped from 50.9 in September to 50.1 in October.
The basic preparation method for China's official PMI and Caixin PMI is the same, both of which conduct monthly surveys of enterprise procurement managers, covering various stages of enterprise production such as procurement, production, and logistics. Based on this, they are summarized and compiled.
Both PMIs have five main sub indices, namely new orders, production, employees, supplier delivery time, and raw material inventory.
The biggest difference between the official and Caixin PMIs is the different survey samples. The official PMI survey targets more than 3000 enterprises nationwide, the vast majority of which may be state-owned enterprises; The survey subjects of Caixin PMI are over 400 enterprises, the vast majority of which may be small and medium-sized enterprises in coastal areas of China.
Due to the varying nature and quantity of survey subjects, the PMI released by the two surveys may sometimes tend to be consistent, but sometimes they may contradict each other. However, overall, both surveys reflect the true direction of China's economy.
"The service industry closely related to the employment of young people has recovered to the level of 90% before the COVID-19 epidemic," said Xing Zhaopeng, senior strategist of ANZ in China, quoted by Reuters.
However, Xing Zhaopeng also pointed out that "the service industry is unlikely to see expansion beyond expectations
According to a Caixin survey, the growth in the number of new orders in China's service industry in October was the slowest in 10 months, offsetting the benefits of a surge in tourism activities during China's National Day holiday.
However, due to the increase in overseas tourists visiting China, the overseas demand for China's service industry continues to rise, Reuters reported.
The slowdown in sales growth in the service industry has led companies to be more cautious in hiring. After monthly growth in the service industry in the previous 8 months, there was no change in employment in October.
Due to weak demand, the overall optimism of the economy has declined for four consecutive months, reaching a new low since March 2020.
Reuters pointed out in the report that service companies have also taken action on price increases, mainly because they seek to pass on the increased input costs to consumers, but the growth rate of input costs is the slowest since June 2022.
The Caixin Composite PMI, which includes dual economic activities in manufacturing and service industries, decreased from 50.9 in September to 50 in October, which is also the lowest reading since December 2022.
Compared to the service industry, the market situation in the manufacturing industry is worse, "Reuters quoted Wang Zhe, a senior economist at Caixin Think Tank, as saying.
The Chinese economy performed better than expected in the third quarter, but economists believe that the continued weakness of the real estate industry, sluggish travel demand, local government debt crisis, and geopolitical tensions may all cast a shadow over China's economic prospects.
CandyLake.com 系信息发布平台,仅提供信息存储空间服务。
声明:该文观点仅代表作者本人,本文不代表CandyLake.com立场,且不构成建议,请谨慎对待。
您需要登录后才可以回帖 登录 | 立即注册

本版积分规则

  •   知名做空机构香橼研究(Citron Research)周四(11月21日)在社交媒体平台X上发布消息称,该公司已决定做空“比特币大户”微策略(Microstrategy)这家公司,并认为该公司已经将自己变身成为一家比特币投资基金 ...
    caffycat
    昨天 11:18
    支持
    反对
    回复
    收藏
  •   每经AI快讯,11月20日,文远知行宣布旗下自动驾驶环卫车S6与无人扫路机S1分别在新加坡滨海湾海岸大道与滨海艺术中心正式投入运营。据介绍,这是新加坡首个商业化运营的自动驾驶环卫项目。 ...
    star8699
    3 天前
    支持
    反对
    回复
    收藏
  •   上证报中国证券网讯(记者王子霖)11月20日,斗鱼发布2024年第三季度未经审计的财务报告。本季度斗鱼依托丰富的游戏内容生态,充分发挥主播资源和新业务潜力,持续为用户提供高质量的直播内容及游戏服务,进一步 ...
    goodfriendboy
    3 天前
    支持
    反对
    回复
    收藏
  •   人民网北京11月22日电 (记者栗翘楚、任妍)2024广州车展,在新能源汽车占据“半壁江山”的同时,正加速向智能网联新能源汽车全面过渡,随着“端到端”成为新宠,智能驾驶解决方案成为本届广州车展各大车企竞 ...
    3233340
    昨天 17:06
    支持
    反对
    回复
    收藏
因醉鞭名马幌 注册会员
  • 粉丝

    0

  • 关注

    0

  • 主题

    43