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1. Operation of China's Manufacturing Purchasing Manager Index
In January, China’s Manufacturing Purchasing Managers’ Index (PMI) was 51.3%, down 0.6 percentage points from the previous month, and was above the threshold for 11 consecutive months, indicating that the manufacturing industry continues to expand, but the pace has slowed down.
From the perspective of enterprise scale, the PMI of large and medium-sized enterprises was 52.1% and 51.4%, down 0.6 and 1.3 percentage points from the previous month, but both were above the threshold; the PMI of small enterprises was 49.4%, up 0.6 percentage point from the previous month. Still below the critical point.
From the perspective of sub-indices, among the five sub-indexes that make up the manufacturing PMI, the production index and the new order index are all above the critical point, and the raw material inventory index, the employee index and the supplier's delivery time index are all below the critical point.
The production index was 53.5%, down 0.7 percentage points from the previous month, and higher than the critical point, indicating that the expansion of manufacturing production was weaker than the previous month.
The new order index was 52.3%, down 1.3 percentage points from the previous month, and continued to be higher than the threshold, indicating that the growth of manufacturing market demand has slowed down.
The raw material inventory index was 49.0%, an increase of 0.4 percentage points from the previous month, and was lower than the threshold, indicating that the decline in the manufacturing industry’s main raw material inventory has narrowed.
The employment index was 48.4%, a decrease of 1.2 percentage points from the previous month, indicating a decline in the employment boom of manufacturing enterprises.
The supplier delivery time index was 48.8%, a decrease of 1.1 percentage points from the previous month, indicating that the delivery time of manufacturing raw material suppliers was slower than last month.
2. The operation of China's non-manufacturing purchasing managers' index
In January, the non-manufacturing business activity index was 52.4%, a decrease of 3.3 percentage points from the previous month. It has been above the threshold for 11 consecutive months, indicating that the non-manufacturing sector has maintained a recovery trend, but the momentum has slowed down.
In terms of industry, the business activity index of the construction industry was 60.0%, which was 0.7% lower than last month. The business activity index of the service industry was 51.1%, 3.7 percentage points lower than last month. From the perspective of the industry, the business activity index of telecommunications, broadcasting and television satellite transmission services, currency and financial services, capital market services, insurance and other industries is in the high range of more than 60.0%; air transportation, road transportation, accommodation, catering, residential services, culture, sports and entertainment The business activity index of other industries is below the critical point.
The new order index was 48.7%, a decrease of 3.2 percentage points from the previous month, indicating the weakening of non-manufacturing market demand. In terms of different industries, the construction industry new order index was 51.2%, a decrease of 4.6 percentage points from the previous month; the service industry new order index was 48.3%, a decrease of 2.9 percentage points from the previous month.
The input price index was 54.5%, an increase of 0.2 percentage points from the previous month, indicating that the overall input prices used by non-manufacturing enterprises for business activities continued to rise. In terms of different industries, the input price index of the construction industry was 60.0%, a decrease of 1.2 percentage points from the previous month; the input price index of the service industry was 53.5%, an increase of 0.4 percentage points from the previous month.
The sales price index was 51.4%, which was 0.9 percentage points lower than the previous month, but it was still above the threshold, indicating that the overall increase in non-manufacturing sales prices has narrowed. In terms of different industries, the construction industry sales price index was 52.9%, a decrease of 1.1 percentage points from the previous month; the service industry sales price index was 51.1%, a decrease of 0.9 percentage points from the previous month.
The employment index was 47.8%, a decrease of 0.9 percentage points from the previous month, indicating that the non-manufacturing employment boom has fallen. In terms of different industries, the construction industry employment index was 52.8%, an increase of 0.1 percentage point from the previous month; the service industry employment index was 46.9%, a decrease of 1.1 percentage points from the previous month.
The business activity expectation index was 55.1%, down 5.5 percentage points from the previous month, and it was still in a relatively high business range, indicating that most non-manufacturing companies maintained confidence in the development of the industry. In terms of different industries, the construction industry business activity expectation index was 53.6%, a decrease of 9.9 percentage points from the previous month; the service industry business activity expectation index was 55.3%, a decrease of 4.8 percentage points from the previous month.
3. The operation of China's comprehensive PMI output index
In January, the comprehensive PMI output index was 52.8%, a drop of 2.3 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises have continued to expand recently, but the expansion has weakened.