China Non Manufacturing PMI

The official NBS Non-Manufacturing PMI for China declined to 53.8 in July 2022 from a 13-month high of 54.7 a month earlier, reflecting rising COVID-19 infections and renewed curbs in some cities. Still, this was the second straight month of growth in the service sector, amid signs of recovery in confidence toward the industry following a series of policy measures by the government to stabilize growth and promote consumption. The gauge for both new orders (49.7 vs 53.2 in June) and export sales (45.1 vs 50.1) dropped, and the measure for employment continued to be in a contraction territory (46.7 vs 46.9). Meanwhile, suppliers' delivery time was little changed (50.7 vs 50.8). On prices, input cost decreased for the first time since December 2021, while output prices dropped for the fourth month in a row, with the rate of decrease quickening sharply (47.4 vs 49.6). Finally, confidence softened (59.1 vs 61.3).