China Service Sector Growth Slows in October on Weak Local Demand
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Service sector PMI in China grew to 50.4 in October, below estimates and just shy of contraction.
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Weak data driven by further softening in local demand, slowing new order growth.
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Some improvement in foreign demand helped but insufficient to offset decline in local demand.
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Businesses grew less optimistic about China's 2022 economic prospects.
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Recent data shows economy rebounded in Q3 but PMIs indicate sluggish start to Q4.
