Service Sector Second Best in 6 Months
China's non-manufacturing purchasing managers index dropped slightly from August to 52.4 in September, the second highest level in 6 months, HSBC/Markit figures show. The employment sub-index rose above the 50 critical point to 50.3 from 48.9, meaning more jobs were created than in the previous month. The indices indicated the Chinese economy is mildly recovering, HSBC chief China economist Qu Hongbin said. China's official non-manufacturing purchasing managers index rose by 1.5 from August to 55.4 in September.
Retail Sales Climb 14% During Golden Week
Retail sales and restaurant receipts totaled 870 billion yuan during the past weeklong National Day holiday, up 13.6% from a year earlier, the Ministry of Commerce said. Separately, according to the China Tourism Academy, Chinese tourists traveling overseas spent 65% of their expenses on shopping during the past weeklong National Day holiday.
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