China'S Manufacturing Purchasing Manager Index (PMI) Was 49.5% In January 2019

In January 2019, China's Manufacturing Purchasing Managers' index rebounded, while the non manufacturing business activity index rose for two consecutive months, with an increase in the number of business activities.

The composite PMI output index rose moderately, higher than the fourth quarter of last year.

1. Operation of purchasing managers index of China's manufacturing industry

In January 2019, China's Manufacturing Purchasing Managers Index (PMI) was 49.5%, a slight increase of 0.1 percentage points from last month.

From the perspective of enterprise size, the PMI of large enterprises is 51.3%, up 1.2 percentage points from last month, which is consistently higher than the critical point. The PMI of small and medium enterprises is 47.2% and 47.3%, respectively, which is 1.2 and 1.3 percentage points lower than that of last month, all below the critical point.

According to the classification index, production index and supplier delivery time index are higher than the critical point in the 5 classification indices of manufacturing PMI. The new order index, raw material inventory index and employment index are below the critical point.

The production index is 50.9%, up 0.1 percentage points from last month, which is higher than the critical point, indicating that manufacturing industry continues to expand and its growth rate has increased slightly.

The new order index is 49.6%, down 0.1 percentage points from last month, which is below the critical point, indicating a decrease in the product order volume of manufacturing enterprises.

The stock index of raw materials was 48.1%, up 1 percentage points from last month, still below the critical point, indicating that the main raw material inventory of the manufacturing industry has declined, but the decline has narrowed.

The employment index is 47.8%, down 0.2 percentage points from last month, which is below the critical point, indicating that the employment volume of manufacturing enterprises continues to decrease.

The supplier delivery time index was 50.1%, down 0.3 percentage points from last month, slightly higher than the critical point, indicating that the delivery time of manufacturing raw material suppliers was slightly faster than that of last month.

Two. Operation of China's non Manufacturing Purchasing Managers Index

In January 2019, China's non manufacturing business activity index was 54.7%, an increase of 0.9 percentage points from last month, indicating that the overall pace of expansion of non manufacturing industries has accelerated.

According to the industry, the business activity index of the service sector was 53.6%, an increase of 1.3 percentage points from last month, and the growth rate of the service industry has accelerated.

In terms of industry, the business activity index of wholesale, railway, air pport, postal, telecommunications, broadcasting and satellite pmission services, money and financial services and insurance industries is located in the higher economic range of 57%, the industry performance is more active, capital market services, real estate and other industries are located in the contraction area, and the total business volume continues to decrease.

The construction business activity index was 60.9%, down 1.7 percentage points from last month, and construction industry growth slowed down.

The new order index was 51%, an increase of 0.6 percentage points from last month, which is above the critical point, indicating that the demand for expansion in the non manufacturing market is accelerating.

According to the industry, the new order index of the service industry was 50.2%, up 0.9 percentage points from last month to the critical point. The construction industry new order index was 55.8%, down 0.7 percentage points from last month, and it is still in the relatively high economic zone.

The price index of the input products was 52%, up 1.9 percentage points from last month, which is above the critical point. It shows that the overall level of the price of the input of non manufacturing enterprises for business activities has increased.

According to the industry, the price index of the service industry input is 51.8%, up 2.2 percentage points from last month, and the construction industry input price index is 53.1%, up 0.3 percentage points from last month.

The sales price index was 49.8%, up 2.2 percentage points from last month, but still below the critical point, indicating that the overall level of non manufacturing sales prices narrowed.

According to the industry, the sales price index of the service sector was 49.4%, up 2.1 percentage points from the previous month, and the construction industry sales price index was 51.9%, up 2.8 percentage points from last month.

The employment index is 48.6%, a slight increase of 0.1 percentage points from last month, which is below the critical point, indicating a slight narrowing in the employment volume of non manufacturing enterprises.

According to the industry, the index of service industry employees was 47.8%, a slight increase of 0.1 percentage points from last month, and the construction industry employment index was 53.1%, down 0.4 percentage points from last month.

The business activity expectation index is 59.6%, down 1.2 percentage points from last month, which is at the high level of prosperity, indicating that the non manufacturing enterprises are still optimistic about the market development expectation.

According to the industry, the service sector business activity index is 58.8%, down 1.4 percentage points from last month, and the construction industry activity activity index is 64.5%, unchanged from last month.

Three. Operation of China's comprehensive PMI output index

In January 2019, the composite PMI output index was 53.2%, an increase of 0.6 percentage points from last month, and the boom has picked up.