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CHINA’S non-manufacturing industries grew at a slower pace in October as shrinking investment in real estate and railways offset increased consumer spending, an official survey revealed.
The non-manufacturing Purchasing Managers’ Index fell to 57.7 from 59.3 in September, the China Federation of Logistics and Purchasing said today.
The gauge measuring real estate activities lowered to 48.7 and is set to continue lowering in the remaining months this year as construction on 98 percent of this year’s affordable housing has already started.
“Declines in railway investment and tightened funding has led to the suspension of many railway projects, hurting demand in the construction market,” the federation’s Vice Chairman Cai Jin said.
“Real-estate development investment will continue to slow in the fourth quarter because support from public housing investment may weaken after 98 percent of such housing has already started construction,” he added.
The input prices index lowered to 55.7, signaling moderating inflationary pressure as raw materials and commodities costs lowered in the construction sector.