October services PMI shows sector growth at 9-month low

China’s official non-manufacturing Purchasing Managers’ Index (PMI) fell to 53.8 in October from September’s 54.0, indicating slow growth but still well above the 50-point mark separating monthly growth from contraction, Reuters reported, citing the National Bureau of Statistics. The sub-index of new orders inched up to 51.0 in October from September’s 49.5; the sub-index for employment fell to 48.9 in October, its fourth month below 50. The services sector made up 46.1% of gross domestic product in 2013, surpassing the secondary sector – manufacturing and construction – for the first time.