Chine PMI non industrielles

China’s official NBS Non-Manufacturing PMI edged down to 50.3 in May 2025 from 50.4 in the previous month, missing market expectations of 50.6 and marking the lowest level since January. The latest reading underscored concerns over the impact of rising U.S. tariffs on China’s service sector, despite a temporary trade war pause between Beijing and Washington. Still, both new orders (46.1 vs 44.9) and foreign demand (48.0 vs 42.2) shrank at a slower pace. At the same time, employment remained weak (45.5 vs 45.5), while delivery times lengthened slightly (51.1 vs 50.8), indicating lingering supply chain pressures. On the cost side, input prices declined for the fourth straight month, although the pace of decline moderated (48.2 vs 47.8). Selling prices also fell but at the softest rate since September 2024 (47.3 vs 46.6). Finally, business confidence remained positive despite slipping to its lowest in eight months (55.9 vs 56.0).