Analysis Of China Purchasing Manager Index In October

I. operation of purchasing manager index of China's manufacturing industry

In October, the Manufacturing Purchasing Managers Index (PMI) was 49.2%, down 0.9 percentage points from the previous month, below the critical point.

From the perspective of enterprise scale, the PMI of large enterprises was 50.1%, 1.0 percentage points lower than the previous month, still higher than the critical point; The PMI of small and medium-sized enterprises were 48.9% and 48.2% respectively, down 0.8% and 0.1% compared with the previous month, and continued to be below the critical point.

From the sub index point of view, the five sub indexes of manufacturing PMI are lower than the critical point.

The production index was 49.6%, 1.9 percentage points lower than that of the previous month, indicating that the production of the manufacturing industry has declined.

The index of new orders was 48.1%, down 1.7 percentage points from the previous month, indicating that the manufacturing market demand continued to decline.

The inventory index of raw materials was 47.7%, 0.1 percentage point higher than that of the previous month, indicating that the decline in inventory of major raw materials in the manufacturing industry was slightly narrowed.

The employment index was 48.3%, down 0.7% from the previous month, indicating that the employment situation of manufacturing enterprises has decreased.

The supplier delivery time index was 47.1%, down 1.6% from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry continued to slow down.

2. Operation of purchasing manager index of China's non manufacturing industry

In October, the non manufacturing business activity index was 48.7%, down 1.9 percentage points from the previous month, below the critical point.

By industry, the business activity index of the construction industry was 58.2%, down 2.0 percentage points from the previous month. The business activity index of the service industry was 47.0%, down 1.9 percentage points from the previous month. In terms of the industry situation, the business activity index of water transportation, telecommunication, radio and television, satellite transmission services, monetary and financial services and other industries is in a relatively high boom range of more than 55.0%; The business activity index of retail, road transport, air transport, accommodation, catering, leasing and business services was less than 45.0%.

The index of new orders was 42.8%, down 0.3 percentage points from the previous month, lower than the critical point, indicating that the non manufacturing market demand continued to slow down. In terms of industries, the index of new orders in the construction industry was 48.9%, down 2.9 percentage points from the previous month; The index of new orders in the service sector was 41.7%, up 0.1 percentage point over the previous month.

The input price index was 51.0%, 1.0% higher than the previous month, higher than the critical point, indicating that the overall level of input prices used by non manufacturing enterprises for business activities has increased. In terms of industries, the price index of construction inputs was 52.3%, down 0.1 percentage point from the previous month; The price index of service inputs was 50.8%, up 1.2 percentage points over the previous month.

The sales price index was 48.1%, down 0.1% from the previous month, lower than the critical point, indicating that the overall level of non manufacturing sales prices continued to decline. In terms of industries, the sales price index of the construction industry was 49.8%, down 2.2 percentage points from the previous month; The sales price index of the service industry was 47.8%, up 0.3 percentage points over the previous month.

The employment index was 46.1%, down 0.5% from the previous month, indicating that the employment situation of non manufacturing enterprises continued to fall. In terms of industries, the construction industry employee index was 47.8%, down 0.5 percentage points from the previous month; The service sector employment index was 45.8%, down 0.5 percentage points from the previous month.

The expected index of business activities was 57.9%, up 0.8 percentage points over the previous month, higher than the critical point, indicating that non manufacturing enterprises have increased confidence in the recovery and development of the market in the near future. In terms of industries, the expected index of business activities in the construction industry was 64.2%, up 1.5 percentage points over the previous month; The expected index of business activities in the service sector was 56.7%, up 0.6 percentage points over the previous month.

3、 China comprehensive PMI Operation of output index

In October, the comprehensive PMI output index was 49.0%, 1.9 percentage points lower than the previous month, falling below the critical point, indicating that the production and operation activities of Chinese enterprises have slowed down in general.