Rating Dog / S&P Global Services and Composite PMIs from China for October 2025
Services PMI (Oct) 52.6
- expected 52.5, prior 52.9
Composite 51.8
- prior 52.5
China’s services activity expanded at its slowest pace in three months in October, as a drop in overseas orders offset stronger domestic demand, according to the latest private survey from RatingDog and S&P Global.
The RatingDog China General Services PMI slipped to 52.6 from 52.9 in September, remaining above the 50-point threshold that separates growth from contraction. The reading contrasted slightly with the official PMI, which edged up to 50.2 from 50.1, underscoring differences in coverage between the two surveys.
RatingDog’s index tends to reflect smaller, export-oriented firms along China’s eastern seaboard, while the official measure focuses more on larger, state-linked companies.
Growth in the services sector was supported by domestic orders, but new export business fell for the first time in four months amid mounting global trade uncertainty.
“Sustained employment contraction and pressure on profit margins remain the main constraints facing the sector,” said Yao Yu, founder of RatingDog.
Employment levels declined at a faster pace, with firms trimming staff as capacity pressures eased and outstanding business fell for the first time since March.
Input costs rose at their fastest rate in a year, driven by higher raw-material and wage expenses, yet selling prices fell as firms absorbed cost pressures to maintain competitiveness.
Business confidence over the next 12 months remained positive but softened, with respondents citing concerns over weak global demand and intensifying competition.
The broader Composite Output Index, which includes both manufacturing and services, slipped to 51.8 from 52.5, pointing to slower overall private-sector growth in October.
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This is the private survey services PMI. We've already had the official PMIs from China for October:
and the private manufacturing PMI (also a Rating Dog):
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China has two primary Purchasing Managers' Index (PMI) surveys - the official PMI released by the National Bureau of Statistics (NBS) and the Rating Dog China PMI published by Markit / S&P Global.
- The official PMI survey covers large and state-owned companies, while the Caixin PMI survey covers more small and medium-sized enterprises. As a result, the Caixin PMI is considered to be a more reliable indicator of the performance of China's private sector.
- Another difference between the two surveys is their methodology. The Caixin PMI survey uses a broader sample of companies than the official survey. Despite these differences, the two surveys often provide similar readings on China's manufacturing sector.
