In July, RatingDog China's service industry PML recorded 50.4, a sharp drop of 3.7 percentage points from June. It has been in the expansion range for the 43rd month in a row, but the pace of expansion was the slowest since January 2024. Overall, the pace of service sector expansion slowed markedly in July, but the new export business remained resilient, employment continued to expand, and cost pressure relief provided positive support. The RatingDog Composite PML Output Index recorded 50.8 in July, down 2.8 percentage points from June. It has been in the expansion range for 14 consecutive months, but the rate of expansion has slowed markedly. The decline in the index this month was mainly due to a sharp slowdown in output growth in the service sector, and the pace of expansion of manufacturing output also slowed. Comprehensive employment continued to expand for the third month in a row, and comprehensive input price inflation slowed further. The service sector and overall economic activity are expected to remain in the expansion range, but the growth rate is likely to moderate.

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