AI Data Insight
China's services employment PMI for October 2026 (Q4) edged up to 46.7, a slight improvement from 46.2 in the previous month, but remains deeply below the 50 boom-or-bust line. Following the fading of the consumption boom from the "Golden Week" National Day holiday, the overall non-manufacturing PMI unexpectedly fell to 49.7, indicating conservative hiring intentions among enterprises. Going forward, it is necessary to closely monitor whether official stimulus policies can effectively boost domestic demand.