The mood barometer for the industry has dropped to just 49.2 from 50.1 the previous month, the statistics office in Beijing said on Monday. Analysts had expected 49.8 points here.
The service barometer dropped from 50.6 to just 48.7 points. Here, economists scored 50.1 on the slip. The overall index also dropped significantly from 50.9 points to 49.0 points. In September, the industrial index rose and exceeded the 50-point expansion threshold.
Experts see the data as a sign that the economy in China is not coming out of the woods, despite other recent positive economic data. Raymond Yeung, chief economist for China at the Australia and New Zealand Banking Group, says momentum will slow further due to Covid, stagnant property markets and weak exports. A major reason for the relatively weak economic development is the government’s continued drastic action against the spread of the coronavirus in Beijing.
Values below the 50 mark for the key economic barometer indicate a decline in economic activity in China. The official index essentially measures the mood of large, state-owned companies that have benefited from tremendous help aimed at boosting the economy.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
