0344 GMT - China's official non-manufacturing PMI indicates positive momentum in the services sector in October. The improvement in the gauge, comprising services and construction sectors, was driven entirely by stronger activity in services, Goldman Sachs economists say. Thanks to a boost from National Day Golden Week, the services PMI rose to 50.1 in October from 49.9 in September. The 50-level separates expansion from contraction. GS notes that PMIs of railway, water and airline transportation, postal, and capital-market services industries were above 55. The PMIs of hotel, household services and real-estate services industries were below 50. The construction PMI fell in October but China's statistic bureau said the civil engineering PMI topped 55, indicating that infrastructure project construction accelerated, GS adds. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
October 30, 2024 23:44 ET (03:44 GMT)
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