China PMI Upside Surprise in Non Manufacturing

China's May 2026 non-manufacturing PMI surprised on the upside at 50.1 due to fiscal support, while manufacturing hit 50.0 amid falling prices.

Key Takeaways

• 1.The non-manufacturing PMI provided a positive surprise at 50.1, driven by accelerated fiscal spending and improved construction and services activity.
• 2.Manufacturing PMI weakened to 50.0 as precautionary restocking due to oil price shocks faded and factory purchases declined.
• 3.Smaller firms continue to face disproportionate pressure compared to large firms, with a widening dispersion in performance by firm size.

Table of Contents

• Authors
• Contact
• China PMI: upside surprise in non-manufacturing
• Sub-indices
• Important Notice

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