China's manufacturing PMI narrows in October

China’s Caixin Manufacturing Purchasing Managers’ Index fell to 48.4 in October. China’s services activity contracted again in October as COVID-19 measures hit businesses and consumption, overshadowing the economic recovery in the last quarter. The Caixin Services Purchasing Managers’ Index (PMI) fell to 48.4, the weakest level since May, from 49.3 in September, as rising COVID cases caused worsening disruptions and weighed on consumer confidence. The services employment sub-index improved in October. The employment sub-index rose above 50 points for the first time in 2022, indicating growth.