China'S Manufacturing PMI Was 48.0% In November

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

In November, the purchasing manager index (PMI) of the manufacturing industry was 48.0%, 1.2 percentage points lower than that of the previous month, which was lower than the critical point, and the production and operation prosperity level of the manufacturing industry declined compared with the previous month.

From the perspective of enterprise scale, the PMI of large, medium and small enterprises were 49.1%, 48.1% and 45.6%, respectively, 1.0%, 0.8% and 2.6 percentage points lower than the last month, all lower than the critical point.

From the sub index point of view, the five sub indexes of manufacturing PMI are lower than the critical point.

The production index was 47.8%, down 1.8 percentage points from the previous month, indicating that manufacturing activity continued to slow down.

The index of new orders was 46.4%, 1.7 percentage points lower than that of the previous month, indicating that the manufacturing market demand continued to fall.

The inventory index of raw materials was 46.7%, 1.0 percentage points lower than that of the previous month, indicating that the inventory of major raw materials in the manufacturing industry has decreased.

The employee index was 47.4%, down 0.9 percentage points from the previous month, indicating that the employment situation of manufacturing enterprises has declined.

The supplier delivery time index was 46.7%, down 0.4% from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry has slowed down.

2、 China's non Manufacturing Purchasing Manager Index

In November, the non manufacturing business activity index was 46.7%, down 2.0 percentage points from the previous month, which was lower than the critical point, and the prosperity level of the non manufacturing industry fell.

By industry, the business activity index of the construction industry was 55.4%, down 2.8 percentage points from the previous month. The business activity index of the service industry was 45.1%, down 1.9 percentage points from the previous month. From the perspective of industry situation, the business activity index of postal, monetary and financial services, market services, insurance and other industries is in the relatively high boom range above 55.0%; The business activity index of road transportation, air transportation, accommodation, catering, culture, sports and entertainment industry was lower than 38.0%.

The index of new orders was 42.3%, down 0.5 percentage points from the previous month, which was lower than the critical point, indicating that the demand of non manufacturing market fell. In terms of industries, the index of new orders in the construction industry was 46.9%, down 2.0 percentage points from the previous month; The index of new orders in the service sector was 41.4%, down 0.3 percentage points from the previous month.

The input price index was 49.9%, 1.1 percentage points lower than the previous month, falling below the critical point, indicating that the overall level of input prices used by non manufacturing enterprises for business activities has declined slightly. In terms of industries, the price index of construction inputs was 48.7%, down 3.6 percentage points from the previous month; The price index of service inputs was 50.1%, down 0.7 percentage points from the previous month.

The sales price index was 48.7%, 0.6 percentage points higher than that of the previous month, which was lower than the critical point, indicating that the decline in the overall level of non manufacturing sales prices has narrowed. In terms of industries, the sales price index of the construction industry was 50.9%, up 1.1 percentage points over the previous month; The sales price index of the service industry was 48.3%, up 0.5 percentage points over the previous month.

The employment index was 45.5%, down 0.6% from the previous month, indicating that the employment situation of non manufacturing enterprises continued to fall. In terms of industries, the construction industry employee index was 47.1%, down 0.7 percentage points from the previous month; The service sector employment index was 45.2%, down 0.6 percentage points from the previous month.

The expected index of business activities was 54.1%, down 3.8 percentage points from the previous month, but it continued to be higher than the critical point, indicating that non manufacturing enterprises are cautiously optimistic about the recovery and development of the market in the near future. In terms of industries, the expected index of business activities in the construction industry was 59.6%, down 4.6 percentage points from the previous month; The expected service business activity index was 53.1%, down 3.6 percentage points from the previous month.

3、 Operation of China's comprehensive PMI output index

In November, the comprehensive PMI output index was 47.1%, down 1.9 percentage points from the previous month, which was lower than the critical point, indicating that the production and operation activities of China's enterprises continued to slow down.