Report published September 30, 2026

China: Manufacturing, Construction and Services PMIs All Rose in September – Goldman Sachs Research

Goldman Sachs · September 30, 2026

China's NBS and RatingDog PMIs for manufacturing, construction, and services all rose in September, returning official composite indicators into expansionary territory. Gains were driven by higher production and post-weather construction recovery, though input prices outpaced output prices.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.China's official NBS manufacturing PMI expanded to 50.1 in September from 49.8 in August, driven entirely by a notable rise in output.
2.The official non-manufacturing PMI climbed to 50.2 from 49.0, led by a sharp rebound in construction (to 50.3 from 46.9) as flood and rainfall disruptions cleared, alongside improving services (50.2 vs. 49.3).
3.RatingDog PMIs showed sustained expansion, with manufacturing climbing to 52.1 from 51.5 and services edging up to 51.6 from 51.4.

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Report data

Exhibit 1: Both official and unofficial manufacturing PMIs rose in September

Metric	Estimate	Context
China NBS Manufacturing PMI	50.1 index	Rose from 49.8 in August; GS forecast was 50.4, Bloomberg consensus was 50.1
China NBS Non-Manufacturing PMI	50.2 index	Rose from 49.0 in August; GS forecast was 49.4, Bloomberg consensus was 49.2
China RatingDog Manufacturing PMI	52.1 index	Rose from 51.5 in August; GS forecast was 51.8, Bloomberg consensus was 51.7
China RatingDog Services PMI	51.6 index	Rose from 51.4 in August; GS forecast was 51.6, Bloomberg consensus was 51.3
China NBS Construction PMI	50.3 index	Rose sharply from 46.9 in August, crossing above 50 for the first time since December 2025