China's services growth slows to three-month low as confidence weakens
BEIJING: China's services activity in October expanded at its slowest pace since July, with business confidence easing as firms grappled with fierce competition and rising costs, a private-sector survey showed on Wednesday.
The RatingDog China General Services PMI fell to 50.8 in October from 51.6 in September, remaining above the 50 mark that separates growth from contraction but marking its weakest reading since July.
New business continued to grow at a rate broadly unchanged from September.
New export business rose for the sixth straight month, extending the longest growth streak seen since 2024.
Services firms continued to add both full- and part-time staff to cope with existing workloads.
However, increased competition led services firms to lower their average selling prices for the second month, with the week-long Golden Week holiday offering little support.
Input prices increased at the quickest pace in five months, driven by higher input material, fuel and wage costs.
Business confidence slipped to its lowest since July, with firms citing concerns over rising input prices and heightened competition.
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