China’s NBS Manufacturing PMI rose 0.4 pts to 49.8 in September 2025, remaining below the 50 threshold but signaling a modest improvement in overall manufacturing conditions.

• The Production index climbed to 51.9 (+1.1 pts), marking faster expansion in output.

• New Orders rose slightly to 49.7 (+0.2 pts), showing gradual improvement in demand though still in contraction territory.

• The Raw Material Inventory index increased to 48.5 (+0.5 pts), indicating the pace of inventory drawdowns slowed.

• The Employment index improved to 48.5 (+0.6 pts), suggesting modest gains in labor market stability.

• The Supplier Delivery Time index rose to 50.8 (+0.3 pts), pointing to quicker delivery times from suppliers.

• By enterprise size, large firms stayed in expansion (51.0), while medium (48.8) and small enterprises (48.2) remained in contraction, though small firms saw the strongest monthly improvement.

China’s NBS Non-Manufacturing PMI edged down -0.3 pts to 50.0 in September 2025, sitting at the threshold and indicating broadly stable activity across services and construction.

• The Service Business Activity Index fell -0.4 pts to 50.1, while Construction activity rose +0.2 pts to 49.3, showing mixed momentum across sectors.

• The New Orders index slipped -0.6 pts to 46.0, pointing to weaker demand; service new orders fell to 46.7, while construction new orders improved to 42.2.

• The Input Price index dropped -1.3 pts to 49.0, reflecting softer cost pressures; construction input prices fell sharply to 47.2, while services eased to 49.3.

• The Sales Price index declined -1.3 pts to 47.3, with both construction (48.1) and services (47.2) below the 50 threshold, indicating ongoing price contraction.

• The Employment index slipped -0.6 pts to 45.0, signaling weaker labor market conditions, led by construction (39.7) while services held steady at 45.9.

• Business Activity Expectations eased -0.5 pts to 55.7, still firmly expansionary; construction expectations rose to 52.4, while services dipped to 56.3.

China’s Composite PMI Output Index rose +0.1 pts to 50.6 in September 2025, remaining above the 50 threshold and signaling continued modest expansion in overall business activity.