Statistics Bureau: Manufacturing Purchasing Managers Index Has Dropped, Business Activity Index Of Service Industry Has Risen.

In May 31, 2019, the National Bureau of Statistics Service Center and the China Federation of logistics and purchasing released the China Purchasing Managers Index.

In this regard, Zhao Qinghe, a senior statistician of the National Bureau of Statistics Service Industry Investigation Center, made an interpretation.

In May 2019, the PMI of China's manufacturing industry was 49.4%, down 0.7 percentage points from last month, of which the production index was 51.7%, and continued to be located in the expansion area. The index of non manufacturing business activity was 54.3%, unchanged from last month, and overall running steadily, of which the service business activity index was 53.5%, up 0.2 percentage points from last month; the comprehensive PMI output index was 53.3%, a slight decrease of 0.1 percentage points from last month, and the production and operation activities of Chinese enterprises continued to expand.

1. The purchasing managers index of manufacturing industry has dropped.

In May, there were some fluctuations in manufacturing boom, and manufacturing PMI fell to 49.4%.

The main characteristics of this month are: first, production keeps expanding and demand is slowing down.

The production index was 51.7%, although it dropped 0.4 percentage points from last month, but it continued to expand in the expansion area, higher than the average of 0.3 percentage points this year.

Of the 21 industries surveyed, 13 sectors were located in the expansion area, indicating that most manufacturing sectors were relatively stable in production.

Among them, the production index of food and alcoholic beverage refining tea, medicine, ferrous metal smelting and calendering processing, railway ship aerospace equipment and other manufacturing industries is located in the high economic zone above 55%.

Judging from the demand, the new order index is 49.8%, down 1.6 percentage points from last month, and the manufacturing market demand has weakened.

Two, the high tech manufacturing industry has a relatively high level of prosperity.

The PMI of high tech manufacturing was 52.1%, which was 2.7 percentage points higher than that of the manufacturing industry. For 3 consecutive months, it was located at 52% and above.

From the perspective of production and demand, the production index and the new order index of the high tech manufacturing industry continue to stay above 55%, showing a relatively fast development trend.

Three, enterprise development is expected to be stable and good.

The expected production and business activity index is 54.5%, and 19 of the 21 industries surveyed are in the expansion section.

Among them, the agricultural and sideline products processing, food and alcoholic beverage refining tea, medicine, special equipment, railway ships, aerospace equipment, electrical machinery and other manufacturing industries, the production and operation activities of the expected index is located at 58% or more.

Four, both imports and exports will fall back.

The new export orders index and import index were 46.5% and 47.1%, respectively, down 2.7 and 2.6 percentage points from last month.

From the scale of enterprises, the PMI of large enterprises is 50.3%, lower than that of last month's 0.5 percentage points, still higher than the critical point; the PMI of small and medium enterprises is 48.8% and 47.8%, down 0.3 and 2 percentage points respectively from last month.

Two. The index of non manufacturing business activity is stable, and the business activity index of service industry is rising.

In May, the non manufacturing business activity index was 54.3%, unchanged from last month, indicating that the non manufacturing sector continued to develop steadily and rapidly.

The service industry is steadily rising.

The service business activity index was 53.5%, an increase of 0.2 percentage points from last month, and the service industry continued to maintain a relatively fast growth trend.

From the perspective of the industry, the business activity index related to household consumption related to railway pportation, air pportation, postal delivery, accommodation, telecommunications, Internet software and other industries is located in the high and high economic zone of more than 60%. The business activities of related enterprises are more active, and the total business volume is growing rapidly; however, the business activity index of wholesale, securities, insurance and other industries is below the critical point, and the industry boom has dropped.

From the market expectation, the 21 industry activity expectation indexes of the survey are all located in the expansion area, and 13 industries in railway pportation, air pportation and banking are above 60%, and the enterprises are optimistic about the market development expectation.

The construction industry is at a high level.

The construction business activity index was 58.6%, down 1.5 percentage points from last month, after a two month high operation, this month there was a callback, but still maintained a rapid expansion.

From the perspective of labor demand and market expectation, the employees' index and business activity expectation index are 50.6% and 64.1%, respectively, up 0.4 and 2.2 percentage points respectively, indicating that the amount of employment in construction enterprises has increased and enterprises' confidence in the development of the industry has been enhanced.

Three, comprehensive PMI output index continues to expand trend.

In May, the composite PMI output index was 53.3%, a slight drop of 0.1 percentage points from last month, indicating that China's enterprises' production and operation activities remained stable throughout the development.

The manufacturing production index and non manufacturing business activity index of the composite PMI output index were 51.7% and 54.3%, respectively.