China October services growth slips to nine-month low, property weighs

China's services sector grew at its slowest pace in nine months in October as a cooling property sector weighed on demand, a survey showed on Monday, adding to signs of fragility in the world's second-largest economy. The services sector has been more resilient than the manufacturing sector and is creating more jobs, which partly explains why the government has so far refrained from more aggressive policy easing in supporting the slowing economy. The official non-manufacturing Purchasing Managers' Index (PMI) fell to 53.8 in October from September's 54.0, which was the weakest reading since January, the National Bureau of Statistics said. An official survey published on Saturday showed China's factory activity unexpectedly fell to a five-month low in October as firms fought slowing orders and rising costs in the cooling economy, reinforcing views that the country's growth outlook is hazy at best.

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