These Chinese PMIs come from the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP).

For August 2025:

Manufacturing PMI 49.4, a slight miss

  • expected 49.5, prior 49.3
  • this is the fifth consecutive month in contraction for the official manufacturing PMI
  • domestic demand remains disappointing, weighed down by factors such as
    • the heavily indebted property sector and falling or, at best, flat prices for homes
    • US tariffs hitting exports
    • local government debt
    • recent extreme weather/flooding

Non-Manufacturing (includes services and construction) PMI 50.3, in line with central estimates and a jump from July

  • expected 50.3, prior 50.1

Composite 50.5

  • prior 50.2

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Over the next few days we'll get the 'unofficial' Caixin/S&P manufacturing (on Monday September 1) and non-manufacturing (on Wednesday September 3) PMIs for August.

more to come

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Earlier big news:

The legal fight is not over (see the post) but perhaps China will just wait it out on tariffs.

This article was written by Eamonn Sheridan at investinglive.com.

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