China’s NBS Manufacturing PMI edged up 0.1 pts to 49.4 in August 2025, remaining below the 50 threshold but signaling a slight improvement in manufacturing activity.

• The Production index rose 0.3 pts to 50.8, showing a modest pickup in output expansion.

• The New Orders index improved 0.1 pts to 49.5, suggesting a slight recovery in demand, though still in contraction territory.

• The Raw Materials Inventory index increased 0.3 pts to 48.0, with the pace of inventory decline narrowing.

• The Employment index slipped 0.1 pts to 47.9, indicating a further mild weakening in labor conditions.

• The Supplier Delivery Time index rose 0.2 pts to 50.5, pointing to continued acceleration in delivery times.

China’s NBS Non-Manufacturing PMI rose 0.2 pts to 50.3 in August 2025, remaining above the 50 threshold and indicating continued expansion.

• The Service industry activity index increased 0.5 pts to 50.5, while the Construction industry index fell -1.5 pts to 49.1 (lowest since records start in 2021), showing divergent momentum between the two sectors.

• The New Orders index improved 0.9 pts to 46.6, reflecting a modest pickup in demand; service new orders rose to 47.7, but construction new orders dropped to 40.6.

• The Input Price index stayed at 50.3, with construction costs higher (54.6) while service input prices eased slightly to 49.5.

• The Sales Price index rose 0.7 pts to 48.6, narrowing the pace of declines across both construction (49.7) and services (48.5).

• The Employment index held at 45.6, signaling ongoing labor market weakness, while business expectations strengthened to 56.2, pointing to greater optimism about future activity.

The Composite PMI edged up 0.3 pts to 50.5 in August, indicating that China continues to grow at a gradual pace.