Macroeconomic news

Topic 2206 news 42035 Subscribers

China's official manufacturing PMI was released in May; the overall production and operation activities of enterprises continued to resume development

wallstreetcn · May 31 10:06

5月份国内制造业景气水平有所回落，但非制造业继续保持扩张，企业生产经营活动总体保持恢复发展态势。

5月31日国家统计局发布数据显示，5月份制造业采购经理指数（PMI）为49.5%，比上月下降0.9个百分点。非制造业商务活动指数为51.1%，与上月基本持平。综合PMI产出指数为51.0%，比上月下降0.7个百分点，继续高于临界点。

国家统计局服务业调查中心高级统计师赵庆河解读5月PMI数据时表示：

5月份，受前期制造业增长较快形成较高基数和有效需求不足等因素影响，制造业景气水平有所回落。
5月份，非制造业商务活动指数为51.1%，与上月基本持平，非制造业继续保持扩张。
我国经济总体产出继续扩张，企业生产经营活动保持恢复发展态势。

制造业PMI较上月下滑

5月份，制造业采购经理指数（PMI）为49.5%，比上月下降0.9个百分点，制造业景气水平有所回落。

从企业规模看，大型企业PMI为50.7%，比上月上升0.4个百分点；中、小型企业PMI为49.4%和46.7%，比上月下降1.3和3.6个百分点。

从分类指数看，在构成制造业PMI的5个分类指数中，生产指数和供应商配送时间指数高于临界点，新订单指数、原材料库存指数和从业人员指数低于临界点。

生产指数为50.8%，比上月下降2.1个百分点，仍高于临界点，表明制造业企业生产继续保持扩张。
新订单指数为49.6%，比上月下降1.5个百分点，表明制造业市场需求有所放缓。
原材料库存指数为47.8%，比上月下降0.3个百分点，表明制造业主要原材料库存量减少。
从业人员指数为48.1%，比上月上升0.1个百分点，表明制造业企业用工景气度略有回升。
供应商配送时间指数为50.1%，比上月下降0.3个百分点，仍高于临界点，表明制造业原材料供应商交货时间略有加快。

非制造业继续扩张

5月份，非制造业商务活动指数为51.1%，与上月基本持平，非制造业继续保持扩张。

分行业看，建筑业商务活动指数为54.4%，比上月下降1.9个百分点；服务业商务活动指数为50.5%，比上月上升0.2个百分点。从行业看，邮政、电信广播电视及卫星传输服务、互联网软件及信息技术服务、文化体育娱乐等行业商务活动指数位于55.0%以上较高景气区间；资本市场服务、房地产等行业商务活动指数低于临界点。

新订单指数为46.9%，比上月上升0.6个百分点，表明非制造业市场需求景气度有所回升。分行业看，建筑业新订单指数为44.1%，比上月下降1.2个百分点；服务业新订单指数为47.4%，比上月上升0.9个百分点。

投入品价格指数为49.7%，比上月下降1.4个百分点，表明非制造业企业用于经营活动的投入品价格总体水平有所回落。分行业看，建筑业投入品价格指数为53.6%，比上月上升1.4个百分点；服务业投入品价格指数为49.0%，比上月下降1.9个百分点。

销售价格指数为47.8%，比上月下降1.6个百分点，表明非制造业销售价格总体水平有所回落。分行业看，建筑业销售价格指数为49.7%，比上月上升1.0个百分点；服务业销售价格指数为47.5%，比上月下降2.0个百分点。

从业人员指数为46.2%，比上月下降1.0个百分点，表明非制造业企业用工景气度有所降低。分行业看，建筑业从业人员指数为43.3%，比上月下降2.8个百分点；服务业从业人员指数为46.7%，比上月下降0.7个百分点。

业务活动预期指数为56.9%，比上月下降0.3个百分点，继续位于较高景气区间，表明非制造业企业对市场发展前景保持乐观。分行业看，建筑业业务活动预期指数为56.3%，比上月上升0.2个百分点；服务业业务活动预期指数为57.0%，比上月下降0.4个百分点。

综合PMI继续高于临界点

5月份，综合PMI产出指数为51.0%，比上月下降0.7个百分点，继续高于临界点，表明我国企业生产经营活动总体保持恢复发展态势。

编辑/Jeffrey

The domestic manufacturing boom level declined somewhat in May, but the non-manufacturing industry continued to expand, and the overall production and operation activities of enterprises continued to resume development.

According to data released by the National Bureau of Statistics on May 31, the manufacturing purchasing managers' index (PMI) for May was 49.5%, down 0.9 percentage points from the previous month. The non-manufacturing business activity index was 51.1%, which was basically the same as last month. The composite PMI output index was 51.0%, down 0.7 percentage points from the previous month, and continued above the critical point.

Zhao Qinghe, senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, said when interpreting the May PMI data:

In May, due to factors such as the rapid growth of the manufacturing industry in the early stages, the formation of a high base and insufficient effective demand, the manufacturing boom level declined somewhat.
In May, the non-manufacturing business activity index was 51.1%, basically the same as last month, and the non-manufacturing industry continued to expand.
The overall output of China's economy continues to expand, and the production and operation activities of enterprises have continued to resume their development trend.

Manufacturing PMI declined from last month

In May, the manufacturing purchasing managers' index (PMI) was 49.5%, down 0.9 percentage points from the previous month, and the manufacturing sentiment level declined somewhat.

In terms of enterprise size, the PMI for large enterprises was 50.7%, up 0.4 percentage points from the previous month; the PMI for small and medium-sized enterprises was 49.4% and 46.7%, down 1.3 and 3.6 percentage points from the previous month.

Looking at the classification index, among the five classification indices that make up the manufacturing PMI, the production index and the supplier delivery time index are above the critical point, while the new orders index, raw material inventory index, and employee index are below the critical point.

The production index was 50.8%, down 2.1 percentage points from the previous month, and still above the critical point, indicating that manufacturing companies' production continues to expand.
The new orders index was 49.6%, down 1.5 percentage points from the previous month, indicating a slowdown in demand in the manufacturing market.
The raw material inventory index was 47.8%, down 0.3 percentage points from the previous month, indicating a decrease in stocks of major raw materials in the manufacturing industry.
The employee index was 48.1%, up 0.1 percentage points from the previous month, indicating a slight recovery in employment sentiment in manufacturing enterprises.
The supplier delivery time index was 50.1%, down 0.3 percentage points from the previous month, and still above the critical point, indicating a slight acceleration in the delivery time of raw material suppliers in the manufacturing industry.

Non-manufacturing industry continues to expand

In May, the non-manufacturing business activity index was 51.1%, basically the same as last month, and the non-manufacturing industry continued to expand.

By industry, the index of business activity in the construction industry was 54.4%, down 1.9 percentage points from the previous month; the index of business activity in the service sector was 50.5%, up 0.2 percentage points from the previous month. From an industry perspective, the index of business activity in industries such as postal services, telecommunications, radio, television and satellite transmission services, Internet software and information technology services, culture, sports and entertainment is in a high boom range above 55.0%; the index of business activity in capital market services, real estate and other industries is below the critical point.

The new orders index was 46.9%, up 0.6 percentage points from the previous month, indicating a recovery in demand in the non-manufacturing market. By industry, the index of new orders in the construction industry was 44.1%, down 1.2 percentage points from the previous month; the index of new orders in the service sector was 47.4%, up 0.9 percentage points from the previous month.

The input price index was 49.7%, down 1.4 percentage points from the previous month, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities has declined. By industry, the construction industry input price index was 53.6%, up 1.4 percentage points from the previous month; the service industry input price index was 49.0%, down 1.9 percentage points from the previous month.

The sales price index was 47.8%, down 1.6 percentage points from the previous month, indicating a decline in the overall level of non-manufacturing sales prices. By industry, the sales price index for the construction industry was 49.7%, up 1.0 percentage point from the previous month; the sales price index for the service industry was 47.5%, down 2.0 percentage points from the previous month.

The employee index was 46.2%, down 1.0 percentage point from the previous month, indicating a decrease in the employment sentiment of non-manufacturing enterprises. By industry, the index of workers in the construction industry was 43.3%, down 2.8 percentage points from the previous month; the index of workers in the service sector was 46.7%, down 0.7 percentage points from the previous month.

The expected business activity index was 56.9%, down 0.3 percentage points from the previous month. It continues to be in a high boom range, indicating that non-manufacturing companies remain optimistic about market development prospects. By industry, the expected index of business activity in the construction industry was 56.3%, up 0.2 percentage points from the previous month; the expected index of business activity in the service sector was 57.0%, down 0.4 percentage points from the previous month.

The composite PMI continues to be above the critical point

In May, the composite PMI output index was 51.0%, down 0.7 percentage points from the previous month, and continued above the critical point, indicating that the overall production and operation activities of Chinese enterprises continued to resume development.

Editor/Jeffrey

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.