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A private gauge of China’s services-sector activity slipped further into contraction in October, reflecting the impact of stringent restrictions to curb Covid-19 outbreaks sweeping the country.
The Caixin services purchasing managers index dropped to 48.4 in October from 49.3 in September, Caixin Media Co. and S&P Global said Thursday. A reading below the 50 mark indicates activity contraction.
The competing official nonmanufacturing PMI pointed in the same direction, falling to 48.7 in October from 50.6 in September, weighed by the weakening service sector and slower growth in construction activity, China’s statistics bureau said Monday.
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