I. Operation of China Manufacturing Purchasing Manager Index
In December, China’s Manufacturing Purchasing Managers’ Index (PMI) was 51.9%, which was 0.2 percentage points lower than the previous month, but it was above the threshold for 10 consecutive months, indicating that the manufacturing industry continued to recover steadily.
China’s December manufacturing PMI51.9
From the perspective of enterprise scale, the PMI of large enterprises was 52.7%, which was 0.3 percentage points lower than the previous month, but was still above the threshold; the PMI of medium-sized enterprises was 52.7%, an increase of 0.7 percentage points from the previous month, and remained above the threshold; The PMI of small businesses was 48.8%, a decrease of 1.3 percentage points from the previous month, and was below the threshold.
From the perspective of sub-indices, among the five sub-indices 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 54.2%, down 0.5% from the previous month, but still above the threshold, indicating that the growth rate of manufacturing production has slowed slightly.
The new order index was 53.6%, which was 0.3 percentage points lower than the previous month, but continued to be higher than the threshold, indicating that the manufacturing market demand continued to improve.
The raw material inventory index was 48.6%, which was the same as last month, and was lower than the threshold, indicating that the inventory of major raw materials in the manufacturing industry had fallen from the previous month.
The employment index was 49.6%, a slight increase of 0.1 percentage point from the previous month, indicating a slight improvement in the employment boom of manufacturing enterprises.
The supplier delivery time index was 49.9%, a decrease of 0.2 percentage points from the previous month, indicating that the delivery time of manufacturing raw material suppliers has slowed down from the previous month.
China’s December manufacturing PMI51.9 is above the threshold for 10 consecutive months
II. Operation of China’s non-manufacturing purchasing managers’ index
In December, the non-manufacturing business activity index was 55.7%, which was 0.7 percentage points lower than the previous month, but it continued to be in a relatively high economic range, and the non-manufacturing sector continued its steady recovery.
China’s December manufacturing PMI51.9 is above the threshold for 10 consecutive months
In terms of different industries, the business activity index of the construction industry was 60.7%, 0.2% higher than last month. The service industry business activity index was 54.8%, 0.9 percentage points lower than last month. From the perspective of the industry, the business activity index of air transportation, postal, telecommunications, broadcasting and television satellite transmission services, currency financial services, capital market services and other industries is in the high range of more than 60.0%; business activities in the catering, real estate, ecological protection and environmental governance industries The index is below the critical point.
The new order index was 51.9%, a decrease of 0.9 percentage points from the previous month, indicating that the growth of non-manufacturing market demand has slowed down. In terms of different industries, the construction industry new order index was 55.8%, an increase of 1.8 percentage points from the previous month; the service industry new order index was 51.2%, a decrease of 1.4 percentage points from the previous month.
The input price index was 54.3%, an increase of 1.6 percentage points from the previous month, indicating that the prices of inputs used by non-manufacturing enterprises for business activities continued to rise overall. In terms of different industries, the construction industry input price index was 61.2%, an increase of 3.7 percentage points from the previous month; the service industry input price index was 53.1%, an increase of 1.2 percentage points from the previous month.
The sales price index was 52.3%, an increase of 1.3 percentage points from the previous month, indicating that the overall non-manufacturing sales prices continued to rise. In terms of different industries, the construction industry sales price index was 54.0%, an increase of 2.7 percentage points from the previous month; the service industry sales price index was 52.0%, an increase of 1.1 percentage points from the previous month.
The employment index was 48.7%, a decrease of 0.2 percentage points from the previous month, indicating that the non-manufacturing industry’s employment boom has fallen slightly. In terms of different industries, the construction industry employment index was 52.7%, a decrease of 1.7 percentage points from the previous month; the service industry employment index was 48.0%, an increase of 0.1 percentage points from the previous month.
The business activity expectation index was 60.6%, down 0.6 percentage point from the previous month, but it continued to be in the high-level business range, indicating that most non-manufacturing companies continue to be optimistic about the stable recovery of the industry. In terms of different industries, the construction industry business activity expectation index was 63.5%, an increase of 1.7 percentage points from the previous month; the service industry business activity expectation index was 60.1%, a decrease of 1.0 percentage point from the previous month.
China’s December manufacturing PMI51.9 is above the threshold for 10 consecutive months
3. The operation of China’s comprehensive PMI output index
In December, the composite PMI output index was 55.1%, which was 0.6 percentage points lower than the previous month, but it remained in a relatively high economic range above 55.0% for four consecutive months, indicating that the production and operation activities of Chinese enterprises have continued to recover recently.