China Services Growth at 9-Month High

China’s official NBS Non-Manufacturing PMI rose to 50.1 in March 2026 from 49.5 in the previous month, beating market expectations of 49.9. The latest reading signals a stabilization in the services sector after two consecutive months of contraction. Breaking down the components, the services activity subindex improved (50.2 vs 49.7 in February), while the construction subindex also rose (49.3 vs 48.2), though it continued to reflect stress in China’s struggling property sector. Total new orders continued to decline (45.0 vs 45.2), but the drop was partially offset by an increase in export orders (48.8 vs 44.7). Meanwhile, employment fell further (45.2 vs 46.0), highlighting ongoing labor market slack, whereas supplier delivery times lengthened (51.5 vs 50.5). On prices, input costs climbed (52.3 vs 50.9), while sales prices also went up (49.9 vs 48.8). Lastly, business activity expectations softened (54.2 vs 55.0), but enterprises remain optimistic about market development.

China’s official NBS Non-Manufacturing PMI edged up to 49.5 in February 2026 from 49.4 in the previous month but remained below market expectations of 49.8. The latest reading marked the lowest level since November and signaled a second straight month of contraction in services activity, partly affected by disruptions from the week-long Lunar New Year holiday. New orders fell at a faster pace (45.2 vs 46.1 in January), while foreign demand weakened further (44.7 vs 46.9), underscoring soft external conditions. Employment stayed subdued (46.0 vs 46.1), pointing to ongoing labor market slack. Supplier delivery times shortened (50.5 vs 51.1), indicating improved supply conditions. On the pricing front, input costs rose at a quicker pace (50.9 vs 50.0), while output prices remained in contraction (48.8 vs 48.8). Looking ahead, business confidence eased for the second consecutive month (55.0 vs 56.0), suggesting a more cautious outlook.

China’s official NBS Non-Manufacturing PMI slipped to 49.4 in January 2024 from 50.2 in the previous month, missing market expectations of 50.3 and marking the lowest reading since December 2022. The deterioration reflected weak post-holiday demand, cautious consumer spending, and persistent stress in the property sector. Both new orders (46.1 vs. 47.3 in December) and foreign demand contracted at a steeper pace (46.9 vs. 47.5). At the same time, employment remained subdued (46.1 vs 46.1), pointing to continued labor market slack. Supplier delivery times shortened slightly (51.1 vs. 51.3), suggesting easing supply conditions. On the pricing front, input cost pressures stabilized (50.0 vs. 50.2), while output prices declined at a slower pace (48.8 vs. 48.0). Looking ahead, business sentiment softened to a four-month low (56.0 vs. 56.5).