The RatingDog China General Manufacturing PMI fell to 50.6 in October 2025 from September’s six-month high of 51.2, missing market consensus of 50.9. The moderation in factory activity was driven by slower growth in both new orders and output. Domestic demand supported new orders, while export sales declined at the fastest pace since May amid rising trade uncertainty. At the same time, employment increased for the first time in seven months, with job growth reaching its fastest pace in over two years. Purchasing activity rose for the fourth consecutive month. On the cost side, input prices continued to climb, though more moderately, due to higher raw material and metal costs and tighter supply. Meanwhile, selling prices fell as firms sought to maintain sales. Finally, business sentiment slipped to a six-month low due to greater trade concerns.

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