Report published September 3, 2026
China: Unofficial Services PMI Expands in August – Goldman Sachs Analysis
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 3, 2026
- Analysis as of
- Not stated in source
Authors / editors: Yuting Yang (Lead Author), Andrew Tilton (China Economics Team), Hui Shan (China Economics Team), Lisheng Wang (China Economics Team), Xinquan Chen (China Economics Team), Chelsea Song (China Economics Team)
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 RatingDog Services PMI rose to 51.4 in August from 50.4 in July, beating Goldman Sachs and consensus forecasts of 50.6. Growth was underpinned by stronger domestic demand and new business, despite a deceleration in export orders and higher input costs.
Key Takeaways
- 1.RatingDog China Services PMI increased to 51.4 in August from 50.4 in July, topping GS and Bloomberg consensus estimates of 50.6.
- 2.Domestic activity strengthened via new business and employment, but external demand softened as the new export orders sub-index dropped to 50.3.
- 3.Input price pressures accelerated due to higher labor, fuel, and procurement costs, though output prices stayed unchanged at 50.8.
Table of Contents
- Bottom line:
- Key numbers:
- Main points:
- RatingDog services PMI edged up in August, while NBS services PMI remained flat
- The China Economics Team
- Disclosure Appendix
Report data
RatingDog services PMI edged up in August, while NBS services PMI remained flat
| Metric | Estimate | Context |
|---|---|---|
| RatingDog China Services PMI | 51.4 index | Beat Goldman Sachs forecast (50.6) and Bloomberg consensus (50.6) |
| New Business Index | 52.1 index | Driven by stronger market demand, improved financial conditions, client acquisition, and innovation |
| Outstanding Business Index | 50.7 index | Edged down slightly in August |
| Employment Sub-Index | 51.0 index | Edged up in August |
| New Export Orders Sub-Index | 50.3 index | Fell in August |
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Authors / Editors
Reported Data Context
- RatingDog China Services PMI: 51.4 index (August 2026) · Source: S&P Global
- New Business Index: 52.1 index (August 2026) · Source: S&P Global
- Outstanding Business Index: 50.7 index (August 2026) · Source: S&P Global
- Employment Sub-Index: 51.0 index (August 2026) · Source: S&P Global
- New Export Orders Sub-Index: 50.3 index (August 2026) · Source: S&P Global
Themes
Regions
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