July RatingDog China services PMI 50.4, down 3.7 pts from June, marking a 43rd consecutive month 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

July RatingDog China services PMI 50.4, down 3.7 pts from June, marking a 43rd consecutive month 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 moderate.