Chine PMI non industrielles

China’s official NBS Non-Manufacturing PMI slipped to 50.1 in July 2025 from 50.5 in the previous month, marking the lowest figure since November 2024 and missing market consensus of 50.3. The latest data reflected mounting signs of weakening growth momentum, heightened trade uncertainty amid steep U.S. tariffs, and the impact of adverse weather. Both new orders (45.7 vs 46.6 in June) and foreign sales (48.8 vs 49.8) contracted at a faster pace, signaling soft demand at home and abroad. Employment remained subdued, with little change from the prior month (45.6 vs 45.5), while supplier delivery times were steady (at 51.2). On the cost side, input prices rose for the first time since January (50.3 vs 49.9), indicating emerging cost pressures. However, selling prices declined further (47.9 vs 48.8), pointing to increased margin pressure. Despite the sluggish indicators, business confidence edged up slightly from June’s nine-month low (55.8 vs 55.6), remaining in positive territory.