China's official NBS Non-Manufacturing PMI rose to 50.2 in September 2026 from 49.0 in August, exceeding market expectations of 49.3. This latest reading indicates a return to expansion in the non-manufacturing sector after two consecutive months of contraction. Both the services activity subindex (50.2 vs. 49.3 in August) and the construction subindex (50.3 vs. 46.9) moved back into growth territory.
Within services, the subindices for telecommunications, broadcasting, television and satellite transmission services, monetary and financial services, and insurance all stood above 55, signaling robust expansion. In contrast, the indices for capital market services and real estate remained below the 50.0 threshold, pointing to ongoing weakness in those areas.
Among the major components, new orders rose (46.5 vs. 44.1), driven by gains in both services and construction. On the pricing side, both input prices (52.5 vs. 51.1) and output (sales) prices (50.3 vs. 49.3) increased. Employment edged up (45.9 vs. 45.4), and business expectations also strengthened (55.5 vs. 55.0).
