July RatingDog China services PMI 50.4, down 3.7 pts from June, marking a 43rd
consecutive months in expansion and the weakest pace since January 2024. New
export business remained resilient, employment continued to expand and cost
pressures eased. RatingDog composite PMI output index fell to 50.8, down 2.8 pts
from June and in expansion for a 14th month; the pullback was led by a sharp
slowdown in services output while manufacturing output expansion also slowed.
Composite employment expanded for a third month and input-price inflation
moderated further. Services and overall activity are expected to remain in
expansion but growth may be moderate.
