China’s services sector activity falls – official PMI

BEIJING  – China’s October services activity fell for the first time since May, as strict COVID restrictions halted travel and gatherings over the Golden Week holiday period, striking a big blow to consumption.

The official non-manufacturing purchasing managers’ index (PMI) stood at 48.7 from 50.6 in September, the National Bureau of Statistics said on Monday.

A reading above the 50-point mark indicates expansion in activity while a reading below indicates contraction.

China’s official composite PMI, which includes both manufacturing and services activity, stood at 49.0 from 50.9 in September.