An early release of this data, was due at 0145GMT ... but, hey the news was just too good to wait!

Services PMI strongest in 4 months at 52.4, from last month's 52.0

The Composite PMI is at 52.9 (prior 51.4)

  • Fastest pace of rising in more than 3 years for the composite

Those are the headline numbers, just waiting on more detail ... OK, here we go:

Composite:

  • October survey data indicated that activity growth was predominantly supported by stronger growth in manufacturing output, though services activity growth also picked up from the previous month
  • Furthermore, goods producers registered the quickest expansion in production since early 2011
  • Manufacturers saw the fastest expansion in new order books for just over two years in October

Services:

  • Total new order growth strengthened
  • Services providers saw a rate of new business growth that, though modest, was the quickest seen since June
  • services companies expanded their payrolls for the second month in a row, with the rate of growth edging up to its strongest since January
  • First increase in backlogs at services companies since May, albeit at a marginal pace
  • Prices charged for Chinese services little-changed from the previous month

Comment from Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group:

  • Most indexes show mild improvements from their September readings
  • Overall, the economy continued to expand in October and at a stronger growth rate
  • It may be possible to sustain this stable condition throughout the fourth quarter, but it's important that supportive policies are not relaxed because the economy still lacks sufficient growth momentum

Two pandas. The one on the left is named "Services", & on the right we have "Composite". Both look quite well indeed.