China Purchasing Managers Index: 47.4% In April 2022

1、 Operation of purchasing manager index in China's manufacturing industry

In April, the purchasing manager index (PMI) of the manufacturing industry was 47.4%, down 2.1 percentage points from the previous month, which was lower than the critical point. The overall prosperity level of the manufacturing industry continued to fall.

In terms of enterprise scale, the PMI of large enterprises was 48.1%, down 3.2 percentage points from the previous month, falling below the critical point; The PMI of small and medium-sized enterprises was 47.5% and 45.6% respectively, which was 1.0% lower than that of the previous month and continued to be below the critical point.

From the perspective of sub index, the five sub indexes of manufacturing PMI are all below the critical point.

The production index was 44.4%, down 5.1 percentage points from the previous month, indicating that the manufacturing industry's production activity slowed down significantly.

The index of new orders was 42.6%, 6.2 percentage points lower than that of the previous month, indicating that the demand of the manufacturing industry has fallen sharply.

The inventory index of raw materials was 46.5%, down 0.8% from the previous month, indicating that the inventory of major raw materials in the manufacturing industry continued to decrease.

The employment index was 47.2%, down 1.4 percentage points from the previous month, indicating that the employment situation of manufacturing enterprises has declined.

The supplier delivery time index was 37.2%, down 9.3% from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry slowed down significantly.

2、 China's non Manufacturing Purchasing Manager Index

In April, the non manufacturing business activity index was 41.9%, down 6.5 percentage points from the previous month, which was lower than the critical point. The overall non manufacturing business activities continued to slow down.

By industry, the business activity index of the construction industry was 52.7%, down 5.4 percentage points from the previous month. The business activity index was 40.7% lower than that of the previous month. In terms of industry situation, the business activity index of Telecom, radio, television and satellite transmission services, Internet software and information technology services continued to be in the expansion range; The business activity index of retail, road transport, air transport, accommodation, catering, real estate, residential services, culture and sports is lower than the critical point.

The index of new orders was 37.4%, down 8.3 percentage points from the previous month, which was lower than the critical point, indicating that the demand of non manufacturing market decreased significantly. In terms of industries, the index of new orders in the construction industry was 45.3%, down 5.9 percentage points from the previous month; The index of new orders in the service sector was 36.0%, down 8.7 percentage points from the previous month.

The input price index was 53.7%, 2.2 percentage points lower than the previous month, higher than the critical point, indicating that the overall level of input price increase for non manufacturing enterprises used in business activities has narrowed. The price of construction industry dropped by 3.1% compared with the previous month; The service industry input price index was 52.6%, down 2.3 percentage points from the previous month.

The sales price index was 48.9%, 2.2 percentage points lower than the previous month, lower than the critical point, indicating that the overall level of non manufacturing sales prices has declined. In terms of industries, the sales price index of the construction industry was 53.2%, down 1.2 percentage points from the previous month; The sales price index of the service industry was 48.1%, down 2.5 percentage points from the previous month.

The employment index was 45.4%, down 1.7 percentage points from the previous month, indicating that the employment situation of non manufacturing enterprises continued to decline. In terms of industries, the construction industry employee index was 43.1%, down 7.0 percentage points from the previous month; The service sector employment index was 45.8%, down 0.8 percentage points from the previous month.

The expected index of business activities was 53.6%, 1.0 percentage points lower than the previous month, but higher than the critical point, indicating that most non manufacturing enterprises still have confidence in the market trend. In terms of industries, the expected index of business activities in the construction industry was 57.0%, down 3.3 percentage points from the previous month; The expected index of business activities in the service industry was 53.0%, down 0.6 percentage points from the previous month.

3、 Operation of China's comprehensive PMI output index

In April, the comprehensive PMI output index was 42.7%, 6.1 percentage points lower than that of the previous month, which was lower than the critical point, indicating that the decline in the level of production and operation prosperity of China's enterprises increased.