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China’s Services Purchasing Managers’ Index (PMI) declined to 52.6 in October from 52.9 in September, the latest data published by RatingDog showed on Wednesday.

Ireland AIB Services PMI rose from previous 53.5 to 56.7 in October

Ireland AIB Services PMI down to 52.6 in October from previous 53.5

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:

• China official manufacturing PMI (October) 49.0 (expectd 49.6) services 50.1 (expected 50)

and the private manufacturing PMI (also a Rating Dog):

• China private survey manufacturing PMI (October 2025) 50.6 (expected 50.7)

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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.

This article was written by Eamonn Sheridan at investinglive.com.

China RatingDog Services PMI meets forecasts (52.6) in October

Chinese shares opening lower:

• Shanghai Composite -0.95%,
• Hong Kong’s Hang Seng -0.97%

More broadly:

• South Korea halted KOSPI equity index futures trade after a 5% drop
  • Korea Exchange activates sidecar on KOSDAQ after KOSDAQ 150 futures
• Japan’s benchmark Nikkei 225 index has fallen more than 5% from its record high hit just yesterday
• Bitcoin is back below US$100,000

This article was written by Eamonn Sheridan at investinglive.com.