Chine PMI non industrielles

China’s official NBS Non-Manufacturing PMI rose to 50.8 in March 2025, up from 50.4 in February, marking the highest reading in three months and exceeding market expectations of 50.5. The new orders index climbed to 46.6%, up 0.5 percentage points from the previous month, signaling a rebound in demand within the non-manufacturing sector. The input price index edged up to 48.6%, rising 0.2 points, indicating a slower decline in operating costs for non-manufacturing firms. Meanwhile, the sales price index fell to 46.7%, down 1.1 points, suggesting that overall sales prices continued to decline. The employment index declined to 45.8%, dropping 0.7 points, reflecting weaker hiring sentiment in the sector. Lastly, the business activity expectations index rose to 57.2%, up 0.6 points, highlighting improving confidence among non-manufacturing enterprises regarding market conditions.