The RatingDog China General Services PMI dipped to 50.8 in October 2026, down from 51.6 in September, which had marked a three-month high. The reading came in below market expectations of 51.5 and signaled the weakest pace of expansion since July.
Services activity continued to be supported by overseas demand, though external orders grew at a slower rate than in September. Employment levels increased, and outstanding workloads rose for the first time since October 2025, indicating some buildup of backlogs.
On the cost side, input price inflation accelerated to a five-month high, driven mainly by rising labor, raw material, and energy costs. Despite these higher input costs, firms reduced their average selling prices for a second consecutive month, reflecting intensified competitive pressures.
Looking ahead, business confidence deteriorated to a three-month low, with firms increasingly concerned about mounting input costs and stronger competition.
