China Service Sector Growth Slows in October on Weak Local Demand

Service sector PMI in China grew to 50.4 in October, below estimates and just shy of contraction.

Weak data driven by further softening in local demand, slowing new order growth.

Some improvement in foreign demand helped but insufficient to offset decline in local demand.

Businesses grew less optimistic about China's 2022 economic prospects.

Recent data shows economy rebounded in Q3 but PMIs indicate sluggish start to Q4.