China RatingDog PMI Manufacturing October 2025 is 50.6
- expected 50.7, prior 51.2
China’s factory activity expanded at a slower pace in October as new orders and output weakened amid tariff uncertainty and softer global demand, a private survey showed Monday.
The RatingDog China General Manufacturing PMI, compiled by S&P Global, eased to 50.6 from 51.2 in September, with only employment improving month-on-month. The slowdown came as U.S. tariff threats unsettled exporters, though President Donald Trump and President Xi Jinping later agreed to trim tariffs by 10% in exchange for limited trade concessions.
Factories reported their first rise in employment since March, while new export orders fell sharply and producers cut export prices for the first time since April. Rising input costs and weaker output prices continued to squeeze profit margins. Analysts said the downturn was compounded by the eight-day national holiday, but noted Beijing is stepping up incremental support, including 500 billion yuan in policy bank funding and the same amount to bolster local finances.
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The softer PMI highlights fragile manufacturing momentum and ongoing trade pressures, with Beijing’s incremental support aimed at cushioning the slowdown.
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We had official PMIs on Friday last week, manufacturing was a disappointment:
