China manufacturing PMI shrinks in Oct, services growth slows
Investing.com-- Chinese manufacturing activity unexpectedly shrank in October, while non-manufacturing activity grew at a slower pace as domestic businesses faced continued pressure from worsening local and overseas demand. read 49.5 in October, according to data from the National Bureau of Statistics. The reading was lower than expectations that growth would remain steady at the 50.2 seen last month.
The sector has faced increased headwinds this year, particularly from slowing overseas demand as economic conditions in China’s biggest export markets worsen. China’s manufacturing PMI has now contracted for six of the 10 months so far in 2023. Foreign investors also remained wary of making any capital investments in China, given the rather tenuous state of local economic activity. growth in the third quarter, Tuesday’s reading indicates that the economy was off to a sluggish start in the fourth quarter.
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