China: Services Shrink for First Time in Near 3 Years.

China’s official NBS Non-Manufacturing PMI slipped to 49.5 in November 2025 from 50.1 in the previous month, pointing to the lowest figure since December 2022 and the first decline in nearly three years. The latest reading also missed market estimates of 50.0, underscoring a loss of economic momentum in services and sectors that rely on consumer spending, weighed down by weak sentiment, a sluggish property market, and persistent external pressures. In the meantime, limited fiscal support has provided little relief. New orders (45.7 vs 46.0 in October), overseas demand (47.9 vs 46.2), and employment (45.3 vs 45.2) all remained in contraction. Supplier delivery times lengthened slightly (51.2 vs 50.9), suggesting mild logistical pressures. On the price front, input cost rose after two months of decline (50.4 vs 49.4), while selling prices fell at a slower pace (49.1 vs 47.8). Lastly, confidence inched up to a three-month high (56.2 vs 56.1).