TOKYO -- Pharmaceuticals and biotechnology topped the list of output growth across 19 sectors in Asia this October with a sharp expansion that hit an eight-month high.
The Nikkei Asia Sector Purchasing Managers' Index, or PMI, showed that 16 out of the 19 monitored sectors registered expansion in October. Pharmaceuticals and biotechnology registered the highest rate of growth at 56.1, up from 51.1 in September, followed by forestry and paper products. Software and services, as well as insurance also showed strong output growth.
Readings above 50 signal expansion, while those below 50 indicate contraction.
Meanwhile healthcare services registered a sharp drop from the previous month`s 47.5 to 43.2, along with construction materials and automobiles & parts.
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