China services growth slows to five-month low - RatingDog
By Michele Maatouk
Date: Wednesday 03 Dec 2025
(Sharecast News) - Activity in China's services sector grew in November at the slowest pace in five months, according to a survey released on Wednesday.
The RatingDog China General Services purchasing managers' index, which is compiled by S&P Global, fell to 52.1 from 52.6 in October.
A reading above 50.0 indicates expansion, while a reading below signals contraction.
RatingDog founder Yao Yu said that in terms of sub-components, demand for services remained in expansion in November, though performance diverged.
"Specifically, the new orders index continued the growth trend seen since the beginning of 2023, though the pace of growth slowed compared to the previous month," he said.
"New export business showed clear improvement, benefiting from increased marketing efforts and a temporary easing of expectations regarding Sino-US trade uncertainty, which led to improved external demand.
"Firms remained optimistic about the future outlook, but the future business activity expectations index fell to its lowest level since April. Employment remained in contraction, with the pace of reduction slowing slightly.
"When it comes to price indicators, input prices rose for the ninth consecutive month, driven mainly by rising prices for raw materials, office supplies, and energy, though the pace of increase slowed. Output prices returned to expansionary territory; to alleviate cost pressures, some firms chose to pass costs on to the terminal market. Profit margins in the services sector remained under pressure.
"Overall, the services sector remained relatively stable, though growth momentum weakened marginally. Although the November Services PMI remained in expansionary territory, the reading fell to its lowest level since the second quarter. While a recovery in external demand provided marginal support this month, the contraction in employment, pressure on profit margins, and weakening expectations remain the main constraints facing the sector."
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