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China’s Official PMI Falls to 49.3 in October, Slumps for Sixth Straight Month

Published 10/30/2019, 11:54 PM
Updated 10/30/2019, 11:59 PM
© Reuters.

Investing.com - China reported on Thursday that its factory activity contracted for the sixth straight month in October.

The official Purchasing Managers' Index (PMI) fell to 49.3 in October, China's National Bureau of Statistics (NBS) reported, versus 49.8 in September. The 50-point mark separates growth from contraction on a monthly basis.

Analysts had expected October's reading to be unchanged.

In a separate survey, the NBS said activity in China's services sector also slowed in October, pointing to a further weakening in domestic demand.

The official services PMI fell to 52.8 from 53.7 in September, the lowest it has been since February 2016.

The services sector makes up more than 50% of China’s economy.

The data did not have much impact on Chinese stocks today. The Shanghai Composite slipped 0.1% by 11:45 PM ET (03:45 GMT), while the SZSE Component inched up 0.1%.

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