China November 2025 PMI signaled broad contraction. The official manufacturing reading was 49.2, services was 49.5, and the composite output index was 49.7, according to available reports.
TL;DR
China November 2025 PMI showed marginal factory improvement but a services downturn. Manufacturing rose to 49.2, while non-manufacturing slipped to 49.5. The composite eased to 49.7, keeping overall activity subdued.
China November 2025 PMI: Headline results
The official gauges stayed below 50, which indicates contraction. Notably, china manufacturing pmi 49.2 and non-manufacturing pmi 49.5 together pulled the composite pmi china 49.7 under the expansion threshold. Consequently, the headline mix points to a fragile demand backdrop.
China November 2025 PMI: Manufacturing detail
Manufacturing ticked up to 49.2 from 49.0 in October. However, output was steady at 50.0 while new orders rose to 49.2, still under 50. Therefore, demand remains soft even as production stabilizes. In short, the china manufacturing pmi 49.2 print was an incremental improvement rather than a turn.
Timeline: October to November and prior benchmarks
From October to November, factories improved slightly but services deteriorated. The non-manufacturing index fell to 49.5 from 50.1, while the composite pmi china 49.7 eased from 50.0. As a result, the aggregate signal shifted back into contraction. Moreover, this was the first services contraction since December 2022, according to available reports.
Non-manufacturing slips into contraction
Services and construction dipped into the red at 49.5. The drop underscores lingering consumption and project headwinds. Additionally, non-manufacturing pmi 49.5 aligns with softer new work and sentiment cooling at the margin. Yet, business outlook measures remained in positive territory, suggesting some resilience ahead.
Eighth straight month of factory contraction
Despite the month-on-month uptick, factories stayed below 50 for an eighth consecutive month. Thus, the data confirm factory activity eighth month contraction. Moreover, the string of sub-50 readings highlights persistent external and domestic demand challenges. This continued factory activity eighth month contraction keeps pressure on prices and margins.
Small manufacturers show a rebound
Small firms offered a relative bright spot. The small enterprise pmi 49.1 rose two points to a six‑month high, partly offsetting broader weakness. Still, it remained under 50, so conditions are not yet expansionary. Even so, further gains in small enterprise pmi 49.1 would matter for jobs and capex sentiment.
What’s Next
Investors will track the next monthly release for confirmation of trend. In particular, output and new orders will be key, as will small‑enterprise momentum. Additionally, non-manufacturing pmi 49.5 and the china manufacturing pmi 49.2 will indicate whether demand is stabilizing. If both improve, the composite could lift from 49.7; if not, contraction may persist.
Sources
- National Bureau of Statistics of China: 2025年11月中国采购经理指数运行情况
- Reuters: China’s factory activity shrinks for eighth month in November, PMI shows
- Reuters: China Nov non-manufacturing activity contracts for first time in nearly three years, PMI shows
- Reuters: China’s factory activity shrinks again in November, services cool
- State Council of the People’s Republic of China (english.gov.cn): China’s manufacturing PMI at 49.2 in November
- Associated Press: China’s factory activity contracts for 8th month in November despite trade war truce
