8Chinese manufacturing industry in the month ofPMIby49.4%Economic operation is slowing down and stabilizing

The China Federation of Logistics and Procurement and the Service Industry Survey Center of the National Bureau of Statistics released today8Purchasing Managers' Index of China's Manufacturing Industry for the Month(PMI)by49.4%, up from last month0.4By percentage points, the economic operation is showing a slow to steady trend. The changes in the sub index indicate that the production activities of enterprises remain stable, the prices of raw materials and finished products continue to decline, and the consumer goods manufacturing industry continues to grow rapidly. Under investigation21Among industries, there are12The purchasing managers' index of individual industries has increased compared to the previous month, and the prosperity level of most industries has improved.

2022year8Monthly Performance of China Purchasing Manager Index

1、 Operation of China's Manufacturing Purchasing Manager Index

8Manufacturing Purchasing Managers Index for the month（PMI）For49.4%Below the critical point, up from last month0.4By percentage points, the prosperity level of the manufacturing industry has rebounded.

From the perspective of enterprise scale, large enterprisesPMIby50.5%, up from last month0.7One percentage point, returning above the critical point; medium-sized enterprisePMIby48.9%, up from last month0.4Percentage points, below the critical point; small businessPMIby47.6%, down from last month0.3One percentage point, below the critical point.

From the perspective of sub index, it constitutes the manufacturing industryPMIof5All classification indices are below the critical point.

The production index is49.8%The level is the same as last month, indicating that the production prosperity of the manufacturing industry is comparable to last month.

The new order index is49.2%, up from last month0.7A percentage point indicates that the demand boom in the manufacturing market has rebounded.

The inventory index of raw materials is48.0%, up from last month0.1One percentage point indicates that the decrease in inventory of major raw materials in the manufacturing industry has slightly narrowed.

The employee index is48.9%, up from last month0.3A percentage point indicates that the employment prospects of manufacturing enterprises have rebounded.

The supplier delivery time index is49.5%, down from last month0.6One percentage point indicates that the delivery time of raw material suppliers in the manufacturing industry has slowed down compared to last month.

2、 Operation of China's Non Manufacturing Purchasing Managers Index

8In the month, the non manufacturing business activity index is52.6%, down from last month1.2Percentage points, still within the expansion range, with non manufacturing industries experiencing three consecutive months of recovery growth.

By industry, the business activity index of the construction industry is56.5%, down from last month2.7Percentage points. The service industry business activity index is51.9%, down from last month0.9Percentage points. From the perspective of industry situation, the business activity index of industries such as accommodation, catering, telecommunications, radio and television, satellite transmission services, and monetary and financial services is located at55.0%The above higher prosperity range; The business activity index of industries such as real estate, leasing and business services, and residential services is below the critical point.

The new order index is49.8%, up from last month0.1A percentage point, still below the critical point, indicates a slowdown in demand in the non manufacturing market. By industry, the new order index of the construction industry is53.4%, up from last month2.3Percentage points; The index of new orders in the service industry is49.2%, down from last month0.3Percentage points.

The input price index is50.0%, up from last month1.4A percentage point, located at the critical point, indicates that the overall level of input prices used by non manufacturing enterprises for business activities is at the same level as last month. By industry, the input price index of the construction industry is53.4%, up from last month8.4Percentage points; The service industry input price index is49.4%, up from last month0.2Percentage points.

The sales price index is47.6%, up from last month0.2A percentage point, still below the critical point, indicates that the overall decline in non manufacturing sales prices has narrowed. By industry, the sales price index of the construction industry is51.4%, up from last month1.2Percentage points; The sales price index of the service industry is46.9%, unchanged from last month.

The employee index is46.8%, up from last month0.1One percentage point indicates a rebound in the employment prospects of non manufacturing enterprises. By industry, the index of construction industry employees is47.7%, unchanged from last month; The service industry employee index is46.7%, up from last month0.1Percentage points.

The expected index of business activities is58.4%, down from last month0.7A percentage point, continuing to exceed the critical point, indicates that non manufacturing enterprises remain optimistic about the recent market recovery and development. Looking at different industries, the expected index of business activities in the construction industry is62.9%, up from last month1.9Percentage points; The expected index of business activities in the service industry is57.6%, down from last month1.2Percentage points.

3、 China ComprehensivePMIOperation status of output index

8Month, comprehensivePMIThe output index is51.7%, down from last month0.8A percentage point, still above the critical point, indicates that the overall production and operation of Chinese enterprises continue to recover and develop.

Interpretation of Zhao Qinghe, Senior statistician of the Service Industry Survey Center of the National Bureau of Statistics2022year8Monthly China Purchasing Manager Index

1、 Manufacturing Purchasing Managers Index rebounded

8Month, ManufacturingPMIRebound to49.4%Under investigation21Among industries, there are12IndustriesPMICompared to last month, the prosperity level of most industries has improved.

（1） The production and demand index is flat and rising. The production index is49.8%, unchanged from last month, with a new order index of49.2%, higher than last month0.7By percentage points, both indices continue to be in the contraction range, indicating that the recovery of manufacturing production and demand still needs to be strengthened. From an industry perspective, driven by factors such as the approaching Mid Autumn Festival, the two indices of agricultural and sideline food processing, food and beverage refined tea, and other industries have both risen55.0%The above high economic range has seen an accelerated release of market demand in the near future, and enterprises are actively stocking up; Textile, chemical raw materials and chemical products, non-metallic mineral products, and other industries have both lower indices than45.0%The production and demand of enterprises have significantly declined.

（2） The price index rebounded from a low point. The purchase price index and factory price index of main raw materials are respectively44.3%and44.5%, up from last month3.9and4.4Percentage points, the decline of the overall price level of the manufacturing market narrowed. The survey results show that the proportion of enterprises reporting high raw material costs this month is48.4%, down from last month2.4Percentage points, below for the first time in the year50.0%The cost pressure on enterprises has been alleviated.

（3） Large and medium-sized enterprisesPMIThere has been a rebound. Large enterprisesPMIby50.5%, up from last month0.7One percentage point, rising to the expansion range. medium-sized enterprisePMIby48.9%, up from last month0.4By percentage points, the level of prosperity has improved. small businessPMIby47.6%, down from last month0.3One percentage point, the level of prosperity continues to decline, and small enterprises face significant pressure in production and operation.

（4） Some key industries maintain expansion. With the implementation and effectiveness of various consumer promotion policies and measures, the consumer goods industryPMIAscend to52.3%, higher than last month0.9Percentage points. Equipment manufacturing and high-tech manufacturingPMIRespectively50.9%and50.6%, lower than last month0.3and0.9Percentage points, still above the critical point, the industry continues to expand, but the pace has slowed down.

2、 Non manufacturing business activity index continues to expand

8In the month, the non manufacturing business activity index is52.6%, down from last month1.2One percentage point, still above the critical point, and the non manufacturing industry has maintained a restorative expansion for three consecutive months.

（1） The recovery of the service industry has slowed down.8In January, due to factors such as the epidemic and high temperatures, the business activity index of the service industry decreased to51.9%, down from last month0.9Percentage points, still above the critical point, and the pace of expansion in the service industry has slowed down. From the industry perspective, the business activity index of industries such as accommodation, catering, telecommunications, radio and television, satellite transmission services, and monetary and financial services is higher than55.0%The total business volume of related industries has maintained rapid growth. At the same time, the business activity index of industries such as real estate, leasing and business services, and residential services continued to be in a contraction range, resulting in a decrease in industry market activity. From the perspective of market expectations, the expected index of business activities is57.6%, lower than last month1.2Percentage points, still within a relatively high economic range, with expected indicators of business activities in industries such as retail, railway transportation, postal services, internet software and information technology services, and monetary and financial services all at60.0%The above high economic range indicates that the company's expectations are relatively optimistic.

（2） The construction industry maintains rapid expansion. The business activity index of the construction industry is56.5%, lower than last month2.7Percentage points, still within a relatively high economic range, and production activities in the construction industry continue to expand. From the industry perspective, the business activity index of the civil engineering and construction industry is57.1%The new order index and business activity expectation index have respectively increased55.5%and64.1%This indicates that the construction of infrastructure projects has maintained a rapid progress, market demand continues to rebound, and enterprises have positive expectations for recent development.

3、 ComprehensivePMIThe output index has expanded for three consecutive months

8Month, comprehensivePMIThe output index is51.7%, lower than last month0.8One percentage point indicates that the overall production and operation activities of Chinese enterprises continue to recover, but the expansion has weakened. Comprehensive compositionPMIThe manufacturing production index and non manufacturing business activity index of the output index are respectively49.8%and52.6%。