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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
ChinaChina NBS Non Manufacturing PMI held to 49 in August 2026
FMPMonthlyReleased August 2026
China NBS Non Manufacturing PMI held to 49 in August 2026. The reading matched the 49.5 consensus. Year-over-year, the indicator is down 1.3. Over the past 3 months, NBS Non Manufacturing PMI averaged 49.6, vs 49.78 in the prior 3-month window. NBS Non Manufacturing PMI is now the lowest in 36 months.
Latest Release
49
Actual
49.5
Consensus
49
Previous
Median Absolute Error
±0.37
across last 12 releases
Last Call
Aug 2026
Predicted: 49.33
Actual: 49
Error: +0.33
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| Hang Seng | ▲ Direct | +0.41 | INDEX | Moves with | → View |
| XAU/USD | ▲ Direct | +0.40 | COMMODITIES | Moves with | → View |
| Nikkei 225 | ▲ Direct | +0.33 | INDEX | Moves with | → View |
| USD/JPY | ▲ Direct | +0.28 | FOREX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
NBS Non Manufacturing PMI (China) was reported at 49.00 in August 2026. This missed the market consensus of 49.50 by 0.50. The reading was unchanged from the previous release. Trailing 12-month context per ETL data through August 2026. Over the past 12 months, the indicator has averaged 49.74, ranging from 49.00 to 50.20 across 11 releases. This is classified as a high-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 49.40, down from the prior three at 49.90. Volatility over the past year (σ 0.45) is lower than the prior year (σ 0.57). In August readings over the past 3 years, NBS Non Manufacturing PMI has averaged 49.87.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with Hang Seng (Bullish Hang Seng). A secondary relationship exists with XAU/USD, positively correlated (Bullish XAU). Over the last 12 releases, the Sigmacast model's median absolute error is 0.37.
WHAT TO WATCH NEXT
The next release is scheduled for September 30, 2026. Same-country events in the next 14 days include FDI (Sep 17) and Loan Prime Rate 1Y (Sep 21).
Auto-generated from current model state · Refreshes on each release · Last update August 2026.
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NBS Non Manufacturing PMI - CN
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About NBS Non Manufacturing PMI — China
DEFINITION
The NBS Non Manufacturing PMI is a widely recognized financial indicator that measures the performance of the non-manufacturing sector in a country. It provides valuable insights into the overall economic health and growth potential of the service industry, including sectors such as retail, transportation, and finance. This indicator is based on a monthly survey of business executives, making it a reliable and timely source of information for investors and policymakers. The NBS Non Manufacturing PMI is an essential tool for analyzing the current and future state of a country's service sector, and its fluctuations can have significant impacts on financial markets.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Aug 2026): actual 49, consensus 49.5. Prior reading (Jul 2026): 49. Before that (Jun 2026): 50.2.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bearish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with Hang Seng (Bullish Hang Seng, r=0.41) — a useful reference for index-focused traders.
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EXPECTED ZONE
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Economic Calendar - CN Events
| Monday, September 14, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 09:00 | CN | M2 Money Supply YoY | 7.5 | 7.7 | 7.6 | 7.55 | Low |
| 09:00 | CN | Total Social Financing | 1660 | 1410 | 2040 | 1850.00 | Low |
| 09:00 | CN | Outstanding Loan Growth YoY | 4.9 | 5.1 | 5.1 | 5.00 | Low |
| 09:00 | CN | New Loans | 60 | -340 | 400 | 230.00 | Medium |
| Tuesday, September 15, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 01:30 | CN | House Price Index YoY | -3 | -3.2 | -3.1 | -3.10 | Medium |
| 02:00 | CN | Retail Sales YoY | 0.4 | 0.6 | 0.8 | 0.63 | High |
| 02:00 | CN | Unemployment Rate | 5.3 | 5.2 | 5.2 | 5.20 | High |
| 02:00 | CN | Industrial Production YoY | 5.2 | 4.5 | 4.8 | 4.95 | High |
| 02:00 | CN | Fixed Asset Investment | -7.2 | -6.7 | -7.2 | -7.72 | Medium |