Interpretation: In August 2019, China's Manufacturing Purchasing Managers' Index Remained Stable.

In August 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.

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

In August, manufacturing PMI was 49.5%, down from 0.2 percentage points last month. The main characteristics of this month are: first, the continued expansion of production and the overall pressure of market demand. The production index is 51.9%, although it has dropped 0.2 percentage points, but it is still higher than the average 0.4 percentage points in the year. Of the 21 industries surveyed, 17 sectors were located in the expansion area, and 11 sectors rose. Recently, the economic environment at home and abroad is complicated and uncertain, and the new order index is 49.7%, slightly lower than that of last month's 0.1 percentage points. However, the new export orders index is 47.2%, and the annulus ratio has picked up 0.3 percentage points. Two, the development of key industries is stable and the industrial structure continues to upgrade. The PMI of high-tech manufacturing and consumer goods industries was 51.2% and 50.9%, respectively, which were higher than the total 1.7 and 1.4 percentage points of manufacturing industry respectively. Among them, pharmaceutical, electrical and mechanical equipment, food and alcoholic beverages refined tea, textile and clothing, and other manufacturing industries maintained a rapid expansion. The three is the expansion of large enterprises and the recovery of small businesses. The PMI of large enterprises is 50.4%, which is higher than the critical point for two consecutive months. It is an important support for the stable development of manufacturing industry. PMI for small businesses was 48.6%, up 0.4 percentage points from last month, with 51.3% of the production index and the first expansion since May. Four, the price of industrial production has dropped. The main raw material purchase price index and ex factory price index were 48.6% and 46.7%, respectively, with a decrease of 2.1 and 0.2 percentage points. Among them, steel, chemical fiber, textile and other manufacturing related price index dropped more obvious.

　　 Two, non manufacturing business activity index rose slightly.

In August, the index of non manufacturing business activity was 53.8%, a slight increase of 0.1 percentage points from last month.

The expansion of service industry is slowing down. The service business activity index was 52.5%, down 0.4 percentage points from last month, and continued to be located in the expansion area. From the industry category, business activities index of railway transportation, telecommunications, Internet software and other industries is located in the relatively high economic zone above 58%, and business activities are more active. Recently, adverse weather such as typhoons and rainstorms has been frequent. Road transport, air transport, accommodation, catering and tourism industries have been greatly affected. Business activity index has dropped to varying degrees in the ring and year-on-year. From the market expectations, the service industry activity activity index is 59.8%, an increase of 0.7 percentage points from last month, indicating that enterprises are optimistic about market development expectations.

The construction industry returned to the high economic zone. The construction business activity index was 61.2%, an increase of 3 percentage points from last month. From the industry category, civil engineering construction industry and building decoration and decoration industry business activity index is 63.9% and 61.2%, respectively, higher than last month's 8.8 and 9 percentage points, a larger increase. From the perspective of labor demand and market expectation, the employees' index and business activity expectation index were 52.7% and 64%, respectively, rising 0.6 and 0.3 percentage points respectively from the previous month, all of which rose for two consecutive months.

　　 Three. Comprehensive PMI output index runs smoothly.

In August, the composite PMI output index was 53%, a slight drop of 0.1 percentage points from last month, and a slight fluctuation in the 53.0%-53.4% interval for 5 consecutive months. The manufacturing production index and non manufacturing business activity index of the composite PMI output index were 51.9% and 53.8%, respectively.