Rating Dog \/ S&P Global Services and Composite PMIs from China for October 2025<\/p>\n
Services PMI (Oct) 52.6 <\/p>\n
expected 52.5, prior 52.9<\/p>\n
Composite 51.8<\/p>\n
China\u2019s services activity expanded at its slowest pace in three months in October, as a drop in overseas orders offset stronger domestic demand, according to the latest private survey from RatingDog and S&P Global.<\/p>\n
The RatingDog China General Services PMI slipped to 52.6 from 52.9 in September, remaining above the 50-point threshold that separates growth from contraction. The reading contrasted slightly with the official PMI, which edged up to 50.2 from 50.1, underscoring differences in coverage between the two surveys.<\/p>\n
RatingDog\u2019s index tends to reflect smaller, export-oriented firms along China\u2019s eastern seaboard, while the official measure focuses more on larger, state-linked companies.<\/p>\n
Growth in the services sector was supported by domestic orders, but new export business fell for the first time in four months amid mounting global trade uncertainty.<\/p>\n
\u201cSustained employment contraction and pressure on profit margins remain the main constraints facing the sector,\u201d said Yao Yu, founder of RatingDog.<\/p>\n
Employment levels declined at a faster pace, with firms trimming staff as capacity pressures eased and outstanding business fell for the first time since March.<\/p>\n
Input costs rose at their fastest rate in a year, driven by higher raw-material and wage expenses, yet selling prices fell as firms absorbed cost pressures to maintain competitiveness.<\/p>\n
Business confidence over the next 12 months remained positive but softened, with respondents citing concerns over weak global demand and intensifying competition.<\/p>\n
The broader Composite Output Index, which includes both manufacturing and services, slipped to 51.8 from 52.5, pointing to slower overall private-sector growth in October.<\/p>\n
—-<\/p>\n
This is the private survey services PMI. We’ve already had the official PMIs from China for October:<\/p>\n
and the private manufacturing PMI (also a Rating Dog):<\/p>\n
—<\/p>\n
China has two primary Purchasing Managers’ Index (PMI) surveys – the official PMI released by the National Bureau of Statistics (NBS) and the Rating Dog China PMI published by Markit \/ S&P Global.<\/p>\n
The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers more small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China’s private sector.Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey. Despite these differences, the two surveys often provide similar readings on China’s manufacturing sector.<\/p>\n","protected":false},"excerpt":{"rendered":"Rating Dog \/ S&P Global Services and Composite PMIs from China for October 2025 Services PMI (Oct) 52.6…\n","protected":false},"author":2,"featured_media":45761,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,102646,1294,56,54,55],"class_list":{"0":"post-244923","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-china-services-pmi","10":"tag-economy","11":"tag-uk","12":"tag-united-kingdom","13":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/244923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=244923"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/244923\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/45761"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=244923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=244923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=244923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}