With a series of stock and incremental policies continuing to work together, the manufacturing PMI is on the rise in the range of prosperity, with the pace of expansion accelerating. The non-manufacturing PMI dropped by 0.2 percentage points, and the comprehensive PMI remained unchanged from the previous month, overall maintaining a stable and expanding level of economic prosperity in China.
In November, with a series of existing and new policies continuing to coordinate efforts, the manufacturing PMI rose within the expansion range, and the pace of expansion accelerated.
On the 30th, the National Bureau of Statistics announced that in November, the manufacturing purchasing managers' index was 50.3%, an increase of 0.2 percentage points compared to the previous month, marking three consecutive months of recovery, and the pace of manufacturing expansion slightly quickened.
The non-manufacturing business activity index was 50.0%, a decrease of 0.2 percentage points from the previous month; the composite PMI output index was 50.8%, unchanged from the previous month, indicating that the overall economic prosperity level in our country remained stable and expanding.
Zhao Qinghe, a senior statistician from the National Bureau of Statistics Service Industry Survey Center, interpreted the November PMI data by stating:
Both supply and demand have rebounded. The production index and new order index were 52.4% and 50.8%, increasing by 0.4 and 0.8 percentage points compared to the previous month. The new order index has risen to the expansion range for the first time since May this year, indicating that the activity level in the manufacturing market has increased. From an industry perspective, the production index and new order index in industries such as general equipment and autos were all above 54.0%, demonstrating a rapid release of production and demand; however, the production index and new order index in industries such as petroleum, coal and other fuel processing, and special equipment were all below the critical point.
The prosperity level of the construction industry has declined slightly. Affected by factors such as the cooling weather and the gradual entry of outdoor construction into off-season, the construction production activities have slowed down, and the business activity index was 49.7%, down 0.7 percentage points from the previous month. From the market expectations, the business activity expectations index was 55.6%, up 0.4 percentage points from the previous month, indicating that construction enterprises generally maintain stable expectations for the recent development of the industry.
The November PMI was 50.3%, an increase of 0.2 percentage points from the previous month.
In November, the manufacturing purchasing managers' index (PMI) was 50.3%, an increase of 0.2 percentage points from the previous month, indicating a slight acceleration in manufacturing expansion.
By company size, the PMI for large enterprises was 50.9%, a decrease of 0.6 percentage points from the previous month, above the critical point; the PMI for medium-sized enterprises was 50.0%, an increase of 0.6 percentage points from the previous month, at the critical point; the PMI for small enterprises was 49.1%, an increase of 1.6 percentage points from the previous month, below the critical point.
Looking at the classification indices, among the 5 classification indices that make up the manufacturing PMI, the production index, new order index, and supplier delivery time index were above the critical point, while the raw material inventory index and employment index were below the critical point.
The production index was 52.4%, an increase of 0.4 percentage points from the previous month, indicating that production activities in the manufacturing sector further accelerated.
The new order index was 50.8%, an increase of 0.8 percentage points from the previous month, indicating a recovery in the level of market demand in the manufacturing industry.
The raw material inventory index was 48.2%, unchanged from the previous month, still below the critical point, indicating that the inventory of major raw materials in the manufacturing industry decreased from last month.
The employment index was 48.2%, a decrease of 0.2 percentage points from the previous month, indicating a decline in the employment sentiment of manufacturing enterprises.
The supplier delivery time index was 50.2%, an increase of 0.6 percentage points from the previous month, above the critical point, indicating that the delivery times of raw material suppliers in the manufacturing sector have accelerated.
In November, the non-manufacturing business activity index was 50.0%, indicating a slight decline in the economic level.
In November, the non-manufacturing business activity index was 50.0%, down 0.2 percentage points from the previous month, at the critical point, indicating a slight decline in the non-manufacturing economic level.
By industry, the construction business activity index was 49.7%, down 0.7 percentage points from the previous month; the service industry business activity index was 50.1%, unchanged from last month. In terms of industry, the business activity indices for telecommunications broadcasting - tv and satellite transmission services, internet plus-related software and information technology services, mmf financial services, capital markets services, insurance, and other industries were all above 55.0%, indicating a higher economic range; the business activity indices for wholesale, retail, lodging, dining, ecological protection, and public facility management were all below the critical point.
The new order index was 45.9%, down 1.3 percentage points from the previous month, indicating a decline in market demand in the non-manufacturing sector. By industry, the construction new order index was 43.5%, unchanged from the previous month; the service new order index was 46.4%, down 1.4 percentage points from the previous month.
The input prices index was 49.1%, down 1.5 percentage points from the previous month, indicating a general decline in the level of input prices used by non-manufacturing enterprises for operational activities. By industry, the input prices index for construction was 48.0%, down 7.2 percentage points from the previous month; the input prices index for services was 49.3%, down 0.5 percentage points from the previous month.
The sales prices index was 48.8%, up 0.3 percentage points from the previous month, still below the critical point, indicating that the overall decline in sales prices in the non-manufacturing sector continues to narrow. By industry, the sales prices index for construction was 48.6%, down 3.5 percentage points from the previous month; the sales prices index for services was 48.8%, up 1.0 percentage points from the previous month.
The employment index was 45.4%, down 0.4 percentage points from the previous month, indicating a decline in hiring conditions in non-manufacturing enterprises. By industry, the employment index for construction was 40.7%, down 2.0 percentage points from the previous month; the employment index for services was 46.2%, down 0.2 percentage points from the previous month.
The business activity expectation index was 57.0%, up 0.9 percentage points from the previous month, indicating continued improvement in market expectations among non-manufacturing enterprises. By industry, the business activity expectation index for construction was 55.6%, up 0.4 percentage points from the previous month; the business activity expectation index for services was 57.3%, up 1.1 percentage points from the previous month.
The composite PMI output index is 50.8%, the same as last month.
In November, the composite PMI output index is 50.8%, unchanged from last month, indicating that overall production and operation activities of enterprises in our country continue to expand.
Editor / jayden
