China CNY

China NBS Non Manufacturing PMI

Info

History

Chart

Impact:

Medium

Source: National Bureau of Statistics of China

Latest Release:

Date:

Actual:

50.3

Forecast: 50.3

Previous/Revision:

50.1

Period: Aug

Next Release:

Date:

Forecast: 51.7

Period: Sep

What Does It Measure?

The China NBS Non-Manufacturing Purchasing Managers' Index (PMI) measures the economic health of the non-manufacturing sector, which includes services and construction, reflecting business activity and sentiment. It primarily assesses factors such as new orders, business activity, and employment levels within these industries, with key indicators being the growth or contraction based on a diffusion index score above or below 50, representing national economic conditions.

Frequency

This index is released monthly, typically on the first business day of the month and is considered a preliminary estimate subject to subsequent revision.

Why Do Traders Care?

Traders closely monitor the Non-Manufacturing PMI as it provides insights into the economic performance of China’s vast services sector, which is crucial for global economic health. Higher-than-expected readings can bolster optimism for currencies and stocks, while weaker results may trigger bearish sentiment in financial markets due to anticipated economic slowdowns.

What Is It Derived From?

The Non-Manufacturing PMI is derived from a survey of purchasing managers across various non-manufacturing sectors, where they respond regarding business conditions such as order volumes and employment levels. This survey includes a diverse range of businesses, relying on a weighted diffusion index where responses indicating an increase, decrease, or no change are translated into a composite score.

Description

The Non-Manufacturing PMI is particularly important as it serves as a leading indicator for economic activity in the services sector, often providing early signals of economic trends and investor sentiment. Preliminary results are based on early responses and can spark immediate market reactions, while final figures provide a more accurate representation of the sector's performance, confirming initial trends.

Additional Notes

This indicator is viewed as a coincident economic measure since it reflects current business conditions and sentiment in the non-manufacturing sectors. It is often compared to the Manufacturing PMI to provide a comprehensive view of the overall economic landscape, and it can serve as a bellwether for broader economic trends in the region.

Legend

High Potential Impact
This event has a strong potential to move markets significantly. If the 'Actual' value differs enough from the forecast or if the 'Previous' value is significantly revised, it signals new information that markets may rapidly adjust to.

Medium Potential Impact
This event may cause moderate market movement, especially if the 'Actual' deviates from the forecast or there's a notable revision to the 'Previous' value.

Low Potential Impact
This event is unlikely to affect market pricing unless there's an unexpected surprise or a major revision to prior data.

Surprise - Currency May Strengthen
Actual deviated from Forecast on a medium or high impact event and historically could strengthen the currency.

Surprise - Currency May Weaken
Actual deviated from Forcast on a medium or high impact event and historically could weaken the currency.

Big Surprise - Currency More Likely To Strengthen
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely strengthen the currency.

Big Surprise - Currency More Likely To Weaken
'Actual' deviated from 'Forecast' more than 75% of historical deviations on a medium or high impact event and may likely weaken the currency

Green Number	Better than forecast for the currency (or previous revise better)
Red Number	Worse than forecast for the currency (or previous revise better)
Hawkish	Supports higher interest rates to fight inflation, strengthening the currency but weighing on stocks.
Dovish	Favors lower rates to boost growth, weakening the currency but lifting stocks.

Date	Actual	Forecast	Previous	Surprise
Aug 31, 2025	50.3	50.3	50.1
Jul 31, 2025	50.1	50.3	50.5	-0.2
Jun 30, 2025	50.5	50.3	50.3	0.2
May 31, 2025	50.3	50.6	50.4	-0.3
Apr 30, 2025	50.4	50.7	50.8	-0.3
Mar 31, 2025	50.8	50.5	50.4	0.3
Mar 01, 2025	50.4	50.3	50.2	0.1
Jan 27, 2025	50.2	51.8	52.2	-1.6
Dec 31, 2024	52.2	50.2	50	2
Nov 30, 2024	50	50.2	50.2	-0.2
Oct 31, 2024	50.2	50.4	50	-0.2
Sep 30, 2024	50	50.4	50.3	-0.4
Aug 31, 2024	50.3	50	50.2	0.3
Jul 31, 2024	50.2	50.2	50.5
Jun 30, 2024	50.5	51	51.1	-0.5
May 31, 2024	51.1	51.5	51.2	-0.4
Apr 30, 2024	51.2	52.2	53	-1
Mar 31, 2024	53	52	51.4	1
Mar 01, 2024	51.4	50.8	50.7	0.6
Jan 31, 2024	50.7	50.6	50.4	0.1
Dec 31, 2023	50.4	50.3	50.2	0.1
Nov 30, 2023	50.2	51.5	50.6	-1.3
Oct 31, 2023	50.6	51.8	51.7	-1.2
Sep 30, 2023	51.7	52	51	-0.3
Aug 31, 2023	51	51.1	51.5	-0.1
Jul 31, 2023	51.5	52.9	53.2	-1.4
Jun 30, 2023	53.2	53	54.5	0.2
May 31, 2023	54.5	55	56.4	-0.5
Apr 30, 2023	56.4	58.3	58.2	-1.9
Mar 31, 2023	58.2	54.9	56.3	3.3
Mar 01, 2023	56.3	55	54.4	1.3
Jan 31, 2023	54.4	47.3	41.6	7.1
Dec 31, 2022	41.6	48.4	46.7	-6.8
Nov 30, 2022	46.7	49	48.7	-2.3
Oct 31, 2022	48.7	50.5	50.6	-1.8
Sep 30, 2022	50.6	52.8	52.6	-2.2
Aug 31, 2022	52.6	52	53.8	0.6
Jul 31, 2022	53.8	55.6	54.7	-1.8
May 31, 2022	47.8	45	41.9	2.8
Apr 30, 2022	41.9	48	48.4	-6.1
Mar 31, 2022	48.4	50.2	51.6	-1.8
Mar 01, 2022	51.6	51.5	51.1	0.1
Jan 30, 2022	51.1	52.5	52.7	-1.4
Dec 31, 2021	52.7	52.5	52.3	0.2
Nov 30, 2021	52.3	52	52.4	0.3
Oct 31, 2021	52.4	53	53.2	-0.6
Sep 30, 2021	53.2	50	47.5	3.2
Aug 31, 2021	47.5	53	53.3	-5.5
Jul 31, 2021	53.3	53	53.5	0.3
Jun 30, 2021	53.5	55	55.2	-1.5
May 31, 2021	55.2	54	54.9	1.2
Apr 30, 2021	54.9	56.5	56.3	-1.6
Mar 31, 2021	56.3	51.9	51.4	4.4
Feb 28, 2021	51.4	52	52.4	-0.6
Jan 31, 2021	52.4	55.4	55.7	-3
Dec 31, 2020	55.7	56	56.4	-0.3
Nov 30, 2020	56.4	55.7	56.2	0.7
Oct 31, 2020	56.2	55.2	55.9	1
Sep 30, 2020	55.9	54.9	55.2	1
Aug 31, 2020	55.2	54	54.2	1.2
Jul 31, 2020	54.2	54.1	54.4	0.1
Jun 30, 2020	54.4	52.1	53.6	2.3
May 31, 2020	53.6	52.5	53.2	1.1
Apr 30, 2020	53.2	45.1	52.3	8.1
Mar 31, 2020	52.3	40.4	29.6	11.9
Feb 29, 2020	29.6	47	54.1	-17.4
Jan 31, 2020	54.1	53.5	53.5	0.6
Dec 31, 2019	53.5	53.6	54.4	-0.1
Nov 30, 2019	54.4	53.6	52.8	0.8
Oct 31, 2019	52.8	53.9	53.7	-1.1
Sep 30, 2019	53.7	54.2	53.8	-0.5
Aug 31, 2019	53.8	53.6	53.7	0.2
Jul 31, 2019	53.7	54	54.2	-0.3
Jun 30, 2019	54.2	54.5	54.3	-0.3
May 31, 2019	54.3	54.3	54.3
Apr 30, 2019	54.3	54.5	54.8	-0.2
Mar 31, 2019	54.8	54.1	54.3	0.7
Feb 28, 2019	54.3	54.5	54.7	-0.2
Jan 31, 2019	54.7	53.9	53.8	0.8
Dec 31, 2018	53.8	53	53.4	0.8
Nov 30, 2018	53.4	53.8	53.9	-0.4
Oct 31, 2018	53.9	54.9	54.9	-1
Sep 30, 2018	54.9	54.8	54.2	0.1
Aug 31, 2018	54.2	53.8	54	0.4
Jul 31, 2018	54	55	55	-1
Jun 30, 2018	55	54.7	54.9	0.3
May 31, 2018	54.9	54.8	54.8	0.1
Apr 30, 2018	54.8	54.6	54.6	0.2
Mar 31, 2018	54.6	54.1	54.4	0.5
Feb 28, 2018	54.4	55	55.3	-0.6
Jan 31, 2018	55.3	55	55	0.3
Dec 31, 2017	55	54.9	54.8	0.1
Nov 30, 2017	54.8	54.3	54.3	0.5
Oct 31, 2017	54.3	55	55.4	-0.7
Sep 30, 2017	55.4	53.8	53.4	1.6
Aug 31, 2017	53.4	54.6	54.5	-1.2
Jul 31, 2017	54.5	54.5	54.9
Jun 30, 2017	54.9	54.6	54.5	0.3
May 31, 2017	54.5	54.1	54	0.4
Apr 30, 2017	54	55	55.1	-1
Mar 31, 2017	55.1	54.3	54.2	0.8
Mar 01, 2017	54.2	54.5	54.6	-0.3
Feb 01, 2017	54.6	54.4	54.5	0.2
Jan 01, 2017	54.5	54.4	54.7	0.1
Dec 01, 2016	54.7	53.8	54	0.9
Nov 01, 2016	54	52.9	53.7	1.1
Oct 01, 2016	53.7	52.5	53.5	1.2
Sep 01, 2016	53.5	52.7	53.9	0.8
Aug 01, 2016	53.9	52.9	53.7	1
Jul 01, 2016	53.7	53	53.1	0.7
Jun 01, 2016	53.1	53.2	53.5	-0.1
May 01, 2016	53.5	54	53.8	-0.5
Apr 01, 2016	53.8	53.13	52.7	0.67
Mar 01, 2016	52.7	54.5	53.5	-1.8
Feb 01, 2016	53.5	54.6	54.4	-1.1
Jan 01, 2016	54.4	53.49	53.6	0.91
Dec 01, 2015	53.6	53.1	53.1	0.5
Nov 01, 2015	53.1	53.3	53.4	-0.2
Oct 01, 2015	53.4	53.44	53.4	-0.04
Sep 01, 2015	53.4	53.85	53.9	-0.45
Aug 01, 2015	53.9	52.79	53.8	1.11
Jul 01, 2015	53.8	53.21	53.2	0.59
Jun 01, 2015	53.2	53.94	53.4	-0.74
May 01, 2015	53.4	53.59	53.7	-0.19