Interpretation by the National Bureau of Statistics: Manufacturing PMI has rebounded for three consecutive months
2023-08-31
Today, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, interpreted this. In August, the purchasing managers' index of the manufacturing industry was 49.7%, an increase of 0.4 percentage points compared to the previous month; The non manufacturing business activity index was 51.0%, a decrease of 0.5 percentage points compared to the previous month, but remained within the expansion range; The comprehensive PMI output index is 51.3%, an increase of 0.2 percentage points compared to the previous month, and the overall level of China's economic prosperity remains stable. 1、 The Manufacturing Purchasing Managers' Index has rebounded for three consecutive months in August, with the manufacturing PMI rebounding to 49.7%. Among the 21 industries surveyed, 12 have seen a month on month increase in PMI, further improving the level of manufacturing prosperity. （1） Production demand has rebounded simultaneously. The production index and new order index were 51.9% and 50.2% respectively, an increase of 1.7 and 0.7 percentage points compared to the previous month, both reaching their highest points in nearly five months. Especially since April, the new order index has risen to the expansion range for the first time, accelerating manufacturing production activity and improving market demand. From an industry perspective, the production index and new order index of industries such as agricultural and sideline food processing, chemical raw materials and chemical products, and automobiles are all higher than 53.0%, indicating active production and demand. （2） The willingness of enterprises to purchase has increased. Driven by the improvement in manufacturing production and market demand, corporate procurement activities have accelerated recently, with the procurement volume index rising to an expansion range of 50.5%, which is 1.0 percentage points higher than the previous month. From an industry perspective, the purchasing volume index of chemical raw materials and chemical products, automotive and other industries, as well as the import index reflecting changes in raw material imports, have both increased month on month, and are at a relatively high operating level of over 53.5%. （3） The price index continues to rise. With the recent rise in some commodity prices and the acceleration of corporate procurement activities, the overall level of manufacturing market prices has rebounded. The main raw material purchase price index and factory price index have increased by 4.1 and 3.4 percentage points compared to the previous month, reaching 56.5% and 52.0%, respectively. Among them, the factory price index has returned to the expansion range. From an industry perspective, the purchase price index and factory price index of major raw materials in industries such as agricultural and sideline food processing, petroleum, coal, and other fuel processing are at a high level of over 60.0%, with a month on month increase of over 7.0 percentage points. （4） PMI of large, medium, and small enterprises has rebounded. The PMI of large enterprises was 50.8%, an increase of 0.5 percentage points compared to the previous month, and it has been in the expansion range for three consecutive months. The prosperity level of large enterprises has steadily increased. The PMI of small and medium-sized enterprises was 49.6% and 47.7% respectively, an increase of 0.6 and 0.3 percentage points compared to the previous month, indicating a continued improvement in the economic situation. From the perspective of production and demand, both the production index and new order index of large and medium-sized enterprises are located in the expansion range, with simultaneous growth of production and demand; Although the two indices of small enterprises are below the critical point, the month on month recovery is more significant. （5） Corporate confidence has increased. The expected index of production and business activities is 55.6%, an increase of 0.5 percentage points from the previous month, and it has been in a high economic range for two consecutive months,
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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