Chine PMI non industrielles

China's official NBS Non-Manufacturing PMI dropped to 50.2 in January 2025, down from December's nine-month high of 52.2, reflecting a slowdown in activity ahead of the Spring Festival, also known as the Lunar New Year. The decline was driven by a sharper contraction in domestic orders (46.4 vs 48.7 in December). Also, foreign sales contracted after stabilizing in the prior month (44.6 vs 50.0), underscoring global trade uncertainties as Donald Trump returned to the White House and threatened higher tariffs for many countries, including China. Meanwhile, employment continued to decline, though its rate of decrease slowed (46.7 vs 45.8). In addition, delivery times improved marginally (51.3 vs 51.5). On the cost front, input prices rose for the second consecutive month (50.4 vs 50.5), while a decline in selling prices deepened (48.6 vs 48.8). Lastly, confidence weakened to a three-month low (56.7 vs 57.5).