Report published September 1, 2026
China Unofficial Manufacturing PMI Rose in August 2026: Goldman Sachs Research
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Yuting Yang (Lead Author), Andrew Tilton (Team Member), Hui Shan (Team Member), Lisheng Wang (Team Member), Xinquan Chen (Team Member), Chelsea Song (Team Member)
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.
China's headline RatingDog manufacturing PMI rose to 51.5 in August from 50.9 in July, exceeding market consensus on strong output and export order growth. However, rising raw material costs and falling factory-gate prices indicate persistent pressure on corporate profit margins.
Key Takeaways
- 1.RatingDog China manufacturing PMI rose to 51.5 in August from 50.9 in July, beating both Goldman Sachs forecast (50.6) and Bloomberg consensus (51.0).
- 2.Gains were driven primarily by the output and new orders sub-indexes, supported by improving market conditions and stronger export demand.
- 3.Input costs rose due to higher metal and oil prices while output prices contracted below 50 for the first time in 2026, signaling ongoing profit margin compression.
Table of Contents
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- Key numbers:
- Main points:
- The China Economics Team
- Disclosure Appendix
Report data
Exhibit 1: RatingDog China manufacturing PMI rose in August
| Metric | Estimate | Context |
|---|---|---|
| RatingDog China Manufacturing PMI | 51.5 index | Rose from 50.9 in July, above GS forecast of 50.6 and Bloomberg consensus of 51.0 |
| RatingDog Output Sub-Index | 53.1 index | Increased from 51.5 in July |
| RatingDog New Orders Sub-Index | 52.0 index | Rose from 50.9 in July |
| RatingDog New Export Orders Sub-Index | 52.2 index | Increased from 50.2 in July |
| RatingDog Input Prices Sub-Index | 52.2 index | Increased from 51.7 in July, driven by metals and oil prices |
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Authors / Editors
Reported Data Context
- RatingDog China Manufacturing PMI: 51.5 index (2026-08) · Source: S&P Global
- RatingDog Output Sub-Index: 53.1 index (2026-08) · Source: S&P Global
- RatingDog New Orders Sub-Index: 52.0 index (2026-08) · Source: S&P Global
- RatingDog New Export Orders Sub-Index: 52.2 index (2026-08) · Source: S&P Global
- RatingDog Input Prices Sub-Index: 52.2 index (2026-08) · Source: S&P Global
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