中国7月非官方服务业采购经理人指数（PMI）环比大幅下滑至50.4，较6月的54.1下降3.7个百分点，创2024年9月以来的新低水平[1]。综合PMI也随之回落至50.8，为2025年7月以来最低[1]。
受内需疲软和极端天气等因素影响，官方制造业PMI和非制造业PMI双双陷入萎缩区间[1]。其中官方制造业PMI为49.2，非制造业PMI为49.0，均已跌破50的荣枯线[1]。在服务业内部，新业务扩张速度也降至3月以来最低[1]。
服务业就业连续第3个月成长，但增聘速度相比6月出现放缓[1]。业者对未来景气的乐观程度已跌至2020年2月以来最低[1]。
服务业出口仍连续第3个月实现成长[1]。RatingDog创办人姚煜预计，短期内服务业PMI将保持在扩张区间[1]。
China's private services sector purchasing managers' index (PMI) declined sharply to 50.4 in July from 54.1 in June, marking the lowest level since September 2024 [1]. The composite PMI also contracted to 50.8 from 53.6 [1]. This deterioration reflects weakening domestic demand and the impact of extreme weather on China's economic momentum [1].
The official manufacturing and non-manufacturing PMI readings painted an equally grim picture, with both indices falling into contraction territory at 49.2 and 49.0 respectively [1]. The services sector's new business expansion rate decelerated to its slowest pace since March, while employment growth continued for a third consecutive month but at a reduced pace compared to June [1]. Services exports maintained their third straight month of expansion despite the overall slowdown [1].
Business sentiment regarding future economic conditions has deteriorated significantly, with optimism reaching its lowest level since February 2020 [1]. Nevertheless, Yao Yu, founder of RatingDog, expects that the services PMI is likely to remain in expansion territory in the near term [1].