The RatingDog China General Composite PMI slipped to 50.8 in July 2026 from 53.6 in June, its lowest level since July 2025, indicating a slower pace of expansion in private-sector activity. The weakening index reflected softer momentum in both manufacturing and services.
New business rose for a fourteenth consecutive month but at the slowest rate since March, pointing to more subdued demand. At the same time, employment increased for a third straight month, marking the longest continuous period of job growth since mid-2023 and suggesting that firms continued to hire despite the moderation in activity.
On the price front, both input costs and output charges posted their weakest increases in six months, with inflation easing across manufacturing and services. This moderation in cost and selling price pressures underscores softer inflationary dynamics as overall business growth lost momentum in July.
