MNI BRIEF: China Private Services' PMI Expands In Oct
MNI (BEIJING) - China’s Caixin General Services PMI reached 52.0 in October, up from 50.3 in September, marking the fastest rate of growth in three months, Caixin said on Tuesday.
Firms are becoming increasingly confident in the near-term macro economy, with the future activity expectations index rising 3 points to a five-month high, noted Wang Zhe, senior economist at Caixin Insight Group, in this month’s report.
Overall the results showed supply and demand continued to improve, Wang added.
MNI reported recently electricity usage from China’s industrial base will likely remain below the sector’s H1 6.9% y/y growth rate in the second half, but overall power consumption is expected to exceed 2023’s 6.7% gain due to higher household usage. (See MNI: China H2 Industrial Power Growth To Fall Below H1 Level)