National Bureau Of Statistics: The Purchasing Managers' Index Of Manufacturing Industry Fell Slightly In February

According to the website of the National Bureau of Statistics, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Manager Index on March 1. Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, interpreted this.

In February, the purchasing managers' index of the manufacturing industry was 49.1%, down 0.1 percentage points from the previous month; The non manufacturing business activity index was 51.4%, up 0.7 percentage points over the previous month; The comprehensive PMI output index was 50.9%, unchanged from last month, and China's economy continued to expand in general.

　　 Manufacturing purchasing managers' index fell slightly

In February, due to the influence of the Spring Festival holiday, the manufacturing industry was in the traditional off-season of production. In addition, after the smooth transition of epidemic prevention and control, the number of enterprise employees returning home on holiday increased. The production and operation of enterprises were greatly affected. The overall market activity of the manufacturing industry declined, and the PMI of the manufacturing industry slightly decreased by 0.1 percentage points compared with the previous month.

（1） The index of production and demand dropped and leveled off. The production index was 49.8%, down 1.5 percentage points from the previous month, and the production activity of enterprises slowed down; The index of new orders was 49.0%, unchanged from the previous month. From the perspective of industry, the two indexes of food and beverage refined tea, medicine, non-ferrous metal smelting and rolling processing, electrical machinery equipment and other industries are above the critical point for two consecutive months; The two indexes of chemical fiber, rubber and plastic products, ferrous metal smelting and rolling processing industries are below the critical point.

（2） PMI of large enterprises continues to be higher than the critical point. The PMI of large enterprises was 50.4%, unchanged from the previous month, and continued to be in the expansion range. The production index and new order index remained above the critical point for 10 consecutive months; The PMI of medium-sized enterprises was 49.1%, up 0.2 percentage points over the previous month; Small enterprises are more affected by the Spring Festival holiday. This month's PMI was 46.4%, 0.8 percentage points lower than the previous month, and production and operation activities slowed down.

（3） The high-tech manufacturing industry continued to expand. The PMI of high-tech manufacturing industry was 50.8%, down 0.3 percentage points from the previous month, and it remained in the expansion range for four consecutive months. The industry continued to grow; The PMI of equipment manufacturing industry and consumer goods industry was 49.5% and 50.0% respectively, 0.6 and 0.1 percentage points lower than that of the previous month, and the prosperity level fell back; The PMI of energy intensive industries was 47.9%, up 0.3 percentage points from the previous month, and the prosperity level rebounded at a low level.

（4） Enterprise expectations are stable. The expected index of production and business activities was 54.2%, up 0.2 percentage points over the previous month, indicating that enterprises' confidence in market development after the Spring Festival has been strengthened. From the perspective of industry, the expected index of production and operation activities of wood processing and furniture, automobile, railway ship aerospace equipment, electrical machinery equipment and other industries are all in a high boom range of more than 58.0%, and enterprises have strong confidence in the development of the industry.

　　 Non manufacturing business activity index expanded faster

In February, the non manufacturing business activity index was 51.4%, up 0.7 percentage points from the previous month, and the pace of non manufacturing expansion continued to accelerate.

（1） The service industry boomed. The business activity index of the service industry was 51.0%, up 0.9 percentage points over the previous month, and the expansion of the service industry was strengthened. From the industry perspective, driven by factors such as the Spring Festival holiday, the production and operation of industries closely related to holiday travel and consumption are relatively active, among which the retail, railway transportation, road transportation, catering, ecological protection and public facilities management industry business activity index is above 53.0%; The business activity index of air transport, monetary and financial services, culture, sports and entertainment and other industries is at a high boom range of more than 60.0%, and the total business volume is growing rapidly. At the same time, the business activity index of real estate, resident services and other industries continues to be lower than the critical point, and the prosperity level is low. From the perspective of market expectations, the expected index of business activities is 58.1%, 1.2 percentage points lower than that of last month, which continues to be in a high boom range, indicating that most service enterprises continue to be optimistic about the recent market development.

（2） The construction industry continued to expand. Affected by the Spring Festival holiday, low temperature, rain and snow weather and other factors, the business activity index of the construction industry was 53.5%, down 0.4 percentage points from the previous month, still in the expansion range, and the overall growth trend of the construction industry continued. From the perspective of market expectations, the expected index of business activities is 55.7%, which continues to be in a high boom zone, indicating that construction enterprises are optimistic about the future development of the industry.

　　 Stable expansion of comprehensive PMI output index

In February, the comprehensive PMI output index was 50.9%, unchanged from the previous month, indicating that the overall production and operation activities of Chinese enterprises continued to expand. The manufacturing production index and non manufacturing business activity index that constitute the comprehensive PMI output index are 49.8% and 51.4% respectively.

(Source: website of National Bureau of Statistics)