The Caixin service industry purchasing managers index (PMI), calculated by Caixin Media and S&P Global, dropped to 49.3 from 55.0. Thus, the expansion seen in the previous three months has ended and the threshold value of 50 points has been reached again.
Service providers surveyed reported the fastest layoffs for companies since May.
Caixin senior economist Wang Zhe said, "The current pandemic situation is very severe and complex. The negative impact of COVID controls on the economy still continues. Politima implementation should focus on promoting employment, providing subsidies and increasing demand."
Last week, the NBS non-manufacturing index, which covers both services and construction activities, also dropped from 52.6 to 50.6.
The Caixin composite index, which includes the manufacturing sector PMI, which was announced at 48.1 at the end of September, decreased from 53.0 to 48.5.
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