China’s official NBS Manufacturing PMI edged down to 49.0 in February 2026 from 49.3 in January, coming in just below market expectations of 49.1 and marking the lowest level since October. The reading signaled a second consecutive month of contraction in factory activity, in part reflecting disruptions from the week-long Spring Festival holiday.
New orders declined further (48.6 vs 49.2 in January), with export orders weakening more noticeably (45.0 vs 47.8), underlining continued softness in external demand. Purchasing activity also eased (48.2 vs 48.7), while employment remained weak (48.0 vs 48.1).
Supplier delivery times shortened (49.1 vs 50.1), pointing to improved logistics conditions. On the cost front, input prices rose for the seventh consecutive month, though the pace of increase slowed (54.8 vs 56.1). Output prices were unchanged (50.6 vs 50.6).
Despite the ongoing contraction, business confidence improved, rebounding from a six-month low to 53.2 (vs 52.6), suggesting a modest pickup in sentiment.
