China s Purchasing Managers Index in September 2023 was 50.2%

1. Operation of China’s Manufacturing Purchasing Managers Index

In September, the manufacturing purchasing managers index (PMI) was 50.2%, an increase of 0.5 percentage points from the previous month, returning to the expansion range.

In terms of enterprise size, the PMI of large enterprises was 51.6%, an increase of 0.8 percentage points from the previous month, and continued to be higher than the critical point; the PMI of medium-sized enterprises was 49.6%, the same as last month, and lower than the critical point; the PMI of small enterprises was 49.6%, the same as last month, and lower than the critical point. 48.0%, an increase of 0.3 percentage points from the previous month and below the critical point.

From the perspective of sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index, new order index and supplier delivery time index are higher than the critical point, while the raw material inventory index and employee index are lower than the critical point.

The production index was 52.7%, an increase of 0.8 percentage points from the previous month, indicating that the pace of expansion of manufacturing production has accelerated.

The new orders index was 50.5%, an increase of 0.3 percentage points from the previous month, indicating that manufacturing market demand continues to improve.

The raw material inventory index was 48.5%, an increase of 0.1 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry continued to narrow.

The employment index was 48.1%, an increase of 0.1 percentage points from the previous month, indicating that the employment boom of manufacturing companies has recovered slightly.

The supplier delivery time index was 50.8%, down 0.8 percentage points from the previous month and still higher than the critical point, indicating that the delivery time of manufacturing raw material suppliers continues to accelerate.

2. Operation status of China’s non-manufacturing purchasing managers’ index

In September, the non-manufacturing business activity index was 51.7%, an increase of 0.7 percentage points from the previous month, indicating that the expansion of non-manufacturing industries has increased.

In terms of industries, the business activity index of the construction industry was 56.2%, an increase of 2.4 percentage points from the previous month; the business activity index of the service industry was 50.9%, an increase of 0.4 percentage points from the previous month. From an industry perspective, the business activity index of water transportation, postal service, telecommunications, radio, television and satellite transmission services, Internet software and information technology services, monetary and financial services and other industries is in the high prosperity range of above 55.0%; railway transportation, air transportation, accommodation, catering The business activity index of other industries is below the critical point.

The new orders index was 47.8%, an increase of 0.3 percentage points from the previous month, indicating that the demand boom in the non-manufacturing market has improved. In terms of industries, the new orders index of the construction industry was 50.0%, an increase of 1.5 percentage points from the previous month; the new orders index of the service industry was 47.4%, the same as the previous month.

The input price index was 52.5%, an increase of 0.8 percentage points from the previous month, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities continued to rise. In terms of industries, the input price index of the construction industry was 54.7%, an increase of 6.3 percentage points from the previous month; the input price index of the service industry was 52.1%, a decrease of 0.2 percentage points from the previous month.

The sales price index was 50.3%, an increase of 0.3 percentage points from the previous month, indicating that the overall level of non-manufacturing sales prices has increased. In terms of industries, the sales price index of the construction industry was 51.5%, an increase of 1.1 percentage points from the previous month; the sales price index of the service industry was 50.0%, an increase of 0.1 percentage points from the previous month.

The employment index was 46.8%, the same as last month, indicating that the employment prosperity of non-manufacturing companies is still low. In terms of industries, the employee index in the construction industry was 46.3%, an increase of 1.6 percentage points from the previous month; the employee index in the service industry was 46.9%, a decrease of 0.3 percentage points from the previous month.

The business activity expectation index was 58.7%, an increase of 0.5 percentage points from the previous month and maintaining a relatively high prosperity range, indicating that non-manufacturing companies have strong confidence in the recent market recovery and development. Looking at different industries, the construction industry business activity expectation index was 61.8%, an increase of 1.5 percentage points from the previous month; the service industry business activity expectation index was 58.1%, an increase of 0.3 percentage points from the previous month.

3. Operation of China’s Comprehensive PMI Output Index

In September, the comprehensive PMI output index was 52.0%, an increase of 0.7 percentage points from the previous month, indicating that the overall expansion of production and operation activities of Chinese enterprises has accelerated.