February manufacturing PMI fell slightly from non-manufacturing
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According to data released today by the National Bureau of Statistics, in February 2019, China's manufacturing purchasing managers' index (PMI) was 49.2%, down 0.3 percentage points from the previous month; China's non-manufacturing business activity index was 54.3%, down 0.4 from last month. The percentage point indicates that the non-manufacturing industry continues to grow.
Manufacturing Purchasing Managers Index fell slightly
In February, the manufacturing PMI was 49.2%, down 0.3 percentage points from the previous month. Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, analyzed the main features of the manufacturing PMI this month: First, production activities have slowed down, but market demand has rebounded; second, with the acceleration of the “six stable” policy measures, The company expects significant improvement; the third is that high-tech manufacturing continues to lead, and the industrial structure continues to be optimized; fourth, some international commodity prices have risen, and the price index has both rebounded; fifth, the external environment is complex and the import and export index is running low.
In terms of enterprise scale, the PMI of large enterprises was 51.5%, up 0.2 percentage points from the previous month and continued to be above the critical point; the PMI of small and medium-sized enterprises was 46.9% and 45.3%, respectively, down 0.3 and 2.0 percentage points from the previous month. Below the critical point.
From the classification index, among the five sub-indexes that constitute the manufacturing PMI, the new order index is above the critical point, and the production index, raw material inventory index, employee index and supplier delivery time index are below the critical point.
The production index was 49.5%, down 1.4 percentage points from the previous month, below the critical point, indicating that manufacturing activity has slowed down.
The new order index was 50.6%, up 1.0 percentage point from the previous month and returning above the critical point, indicating a rebound in manufacturing market demand.
The raw material inventory index was 46.3%, down 1.8 percentage points from the previous month and still below the critical point, indicating that the decline in the main raw material inventory of the manufacturing industry has widened.
The employee index was 47.5%, down 0.3 percentage points from the previous month, below the critical point, indicating a decrease in the number of workers employed in manufacturing.
The supplier's delivery time index was 49.8%, down 0.3 percentage points from the previous month, below the critical point, indicating that the manufacturing raw material supplier's delivery time slowed down compared with the previous month.
Non-manufacturing business activity index continues to expand
In February, the non-manufacturing business activity index was 54.3%, down 0.4 percentage points from the previous month, and the non-manufacturing industry continued to grow.
In terms of industries, the service industry business activity index was 53.5%, down 0.1 percentage point from the previous month, and the service industry continued its good development. From the perspective of industry categories, the business activity index of the railway transportation industry, air transportation industry, telecommunication radio and television and satellite transmission services, monetary and financial services, leasing and business services industries is located at a higher economic range of 55.0% or more. Rapid growth; the index of business activities in the real estate industry, residential services and repair industries was below the critical point, and the total business volume declined. The index of business activity in the construction industry was 59.2%, down 1.7 percentage points from the previous month, and the construction industry was highly regressed.
The new order index was 50.7%, down 0.3 percentage points from the previous month, above the critical point, indicating that non-manufacturing market demand continued to grow, but the growth rate slowed down. In terms of industries, the service industry's new order index was 50.5%, up 0.3 percentage points from the previous month and above the critical point; the construction industry's new order index was 52.0%, down 3.8 percentage points from the previous month and still in the expansion range.
The input price index was 52.7%, up 0.7 percentage points from the previous month and above the critical point, indicating that the overall level of input prices of non-manufacturing enterprises used for business activities continued to rise. In terms of industries, the service industry input price index was 52.5%, up 0.7 percentage points from the previous month; the construction industry input price index was 53.6%, up 0.5 percentage points from the previous month.
The sales price index was 50.1%, up 0.3 percentage points from the previous month and above the critical point, indicating that the overall level of non-manufacturing sales prices rose slightly. In terms of industries, the service industry sales price index was 49.8%, up 0.4 percentage points from the previous month; the construction industry sales price index was 51.7%, down 0.2 percentage points from the previous month.
The employee index was 48.6%, which was the same as last month and was below the critical point, indicating that the number of non-manufacturing enterprises continued to decrease. In terms of industries, the service industry employee index was 47.8%, which was the same as last month; the construction industry employee index was 53.2%, up 0.1 percentage point from the previous month.
The expected activity index of business activities was 61.5%, up 1.9 percentage points from the previous month. It is located in the high-level boom zone, indicating that non-manufacturing enterprises are expected to continue to improve their market development. In terms of industries, the service industry business activity expectation index was 60.6%, up 1.8 percentage points from the previous month; the construction industry business activity expectation index was 66.7%, up 2.2 percentage points from the previous month.
China's comprehensive PMI output index operation
In February 2019, the comprehensive PMI output index was 52.4%, down 0.8 percentage points from the previous month, indicating that the overall production and operation activities of Chinese enterprises continued to expand, but the pace of expansion slowed down from last month.