Goldman Sachs China: August Unofficial Services PMI Rises
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Goldman Sachs' China economics team noted on September 3, 2026 that the unofficial services PMI (the RatingDog China services PMI, formerly the Caixin services PMI) rose to 51.4 in August from 50.4 in July, beating both Goldman's 50.6 forecast and the 50.6 Bloomberg consensus and signaling faster services expansion. New business improved markedly to 52.1 from 50.9 and employment edged up to 51.0, but outstanding business slipped to 50.7 and new export orders fell sharply to 50.3 from 52.0—the main soft spot—suggesting domestic demand is stronger than external demand. Respondents credited stronger market demand, improved financial conditions, customer acquisition and innovation. Price readings pointed to rising cost pressures: the input price index climbed to 51.4 from 50.6 while output prices held at 50.8, with firms citing higher labor, raw-material, diesel and fuel costs plus procurement and equipment-replacement expenses. Charts show the RatingDog services PMI edged up while the NBS services PMI was flat. This is a monthly macro datapoint review with no ratings or targets.
Key exhibits
Exhibit 1
