国家统计局：1月份非制造业商务活动指数为49.4%

Core Insights - The non-manufacturing business activity index for January 2026 is reported at 49.4%, a decrease of 0.8 percentage points from the previous month, indicating a contraction in the sector [1] Industry Analysis - The construction industry business activity index stands at 48.8%, down 4.0 percentage points from last month, reflecting significant challenges in this sector [1] - The services industry business activity index is at 49.5%, a slight decrease of 0.2 percentage points from the previous month, suggesting a mild contraction [1] - Within the services sector, industries such as monetary financial services, capital market services, and insurance have business activity indices above 65.0%, indicating strong performance, while wholesale, accommodation, and real estate sectors are below the critical point [1] Demand Indicators - The new orders index is at 46.1%, down 1.2 percentage points from last month, signaling a decline in market demand for non-manufacturing [1] - The construction new orders index is particularly low at 40.1%, a decrease of 7.3 percentage points, indicating severe demand issues [1] - The services new orders index is at 47.1%, down 0.2 percentage points, reflecting a slight decline in demand [1] Price Indices - The input prices index is at 50.0%, a decrease of 0.2 percentage points, indicating stable input prices for non-manufacturing activities compared to last month [1] - In the construction sector, the input prices index is at 52.0%, an increase of 1.2 percentage points, suggesting rising costs [1] - The services input prices index is at 49.7%, down 0.4 percentage points, indicating a slight decrease in input costs [1] Sales and Employment - The sales price index is reported at 48.8%, an increase of 0.8 percentage points, indicating a narrowing decline in sales prices overall [2] - The construction sales price index is at 48.2%, up 0.8 percentage points, while the services sales price index is at 48.9%, also up 0.8 percentage points [2] - The employment index is stable at 46.1%, indicating steady employment conditions in the non-manufacturing sector [2] - The construction employment index is at 41.1%, a slight increase of 0.1 percentage points, while the services employment index remains unchanged at 47.0% [2] Business Activity Expectations - The business activity expectation index is at 56.0%, down 0.5 percentage points, but still indicates a generally optimistic outlook among non-manufacturing enterprises [2] - The construction business activity expectation index is at 49.8%, a significant drop of 7.6 percentage points, while the services expectation index is at 57.1%, an increase of 0.7 percentage points [2]