National Bureau Of Purchasing Statistics

On August 31, 2022, the service industry survey center of the National Bureau of statistics and the China Federation of logistics and purchasing released the China purchasing manager index. In this regard, the National Bureau of Statistics Service Industry Survey Center Senior Statistician Zhao Qinghe has carried on the interpretation.

In August, the purchasing manager index of the manufacturing industry was 49.4%, up 0.4% from the previous month; The non manufacturing business activity index and the composite PMI output index were 52.6% and 51.7%, respectively, down 1.2% and 0.8% compared with the previous month, and continued to be in the expansion range. On the whole, in the face of adverse factors such as the epidemic situation and high temperature, various regions and departments have conscientiously implemented the decisions and plans of the Party Central Committee and the State Council, and enterprises have responded positively, and China's economy has continued to maintain the momentum of recovery and development.

1、 Manufacturing purchasing managers index rebounded

In August, PMI of manufacturing industry rebounded to 49.4%. Among 21 industries surveyed, PMI of 12 industries increased compared with that of last month, and the prosperity level of most industries improved.

（1） The index of production and demand is flat and rising. The production index was 49.8%, flat with the previous month, and the new order index was 49.2%, higher than 0.7% of the previous month. Both indexes continued to be in the contraction range, indicating that the recovery of production and demand in the manufacturing industry still needs to be strengthened. From the perspective of the industry, driven by factors such as the approaching Mid Autumn Festival, the two indexes of agricultural and sideline food processing, food, wine, beverage and refined tea industry both rose to above 55.0%, and the market demand has been released rapidly in the near future, and enterprises have actively prepared goods; The two indexes of textile, chemical raw materials and chemical products, non-metallic mineral products and other industries were all lower than 45.0%, and the output and demand of enterprises dropped significantly.

（2） The price index rebounded at a low level. The purchasing price index and ex factory price index of main raw materials were 44.3% and 44.5%, respectively, up 3.9% and 4.4% over the previous month, and the overall decline in the manufacturing market price narrowed. The survey results show that 48.4% of the enterprises reflect the high cost of raw materials this month, 2.4% lower than that of the previous month, and less than 50.0% for the first time in the year.

（3） The PMI of large and medium-sized enterprises rebounded. PMI of large enterprises was 50.5%, 0.7% higher than that of the previous month and rose to the expansion range. The PMI of medium-sized enterprises was 48.9%, 0.4% higher than that of the previous month, and the prosperity level improved. The PMI of small enterprises was 47.6%, down 0.3% compared with the previous month. The prosperity level continued to decline, and the production and operation pressure of small enterprises was greater.

（4） Some key industries maintained expansion. 9% higher than that of the consumer goods promotion measures implemented last month. PMI of equipment manufacturing industry and high-tech manufacturing industry were 50.9% and 50.6% respectively, lower than 0.3% and 0.9% of the previous month, still higher than the critical point. The industry continued to expand, but the pace slowed down.

2、 Non manufacturing business activity index keeps expanding

In August, the non manufacturing business activity index was 52.6%, 1.2 percentage points lower than the previous month, still higher than the critical point, and the non manufacturing industry continued to maintain the recovery expansion for three consecutive months.

（1） The recovery of the service industry has slowed down. In August, affected by the epidemic situation and high temperature weather, the business activity index of the service industry dropped to 51.9%, 0.9% lower than the previous month, still higher than the critical point, and the expansion pace of the service industry slowed down. From the industry perspective, the business activity index of accommodation, catering, telecommunications, radio and television, satellite transmission services, monetary and financial services and other industries were all higher than 55.0%, and the total business volume of related industries maintained a rapid growth. At the same time, the business activity index of real estate, leasing and business services, residential services and other industries continued to be in the contraction range, and the industry market activity declined. From the perspective of market expectation, the expected index of business activities was 57.6%, 1.2 percentage points lower than that of the previous month, and it was still in a relatively high boom range. Among them, the expected business activity index of retail, railway transportation, postal service, Internet software and information technology services, monetary and financial services and other industries were all in the high prosperity range above 60.0%, and the enterprise expectations were relatively optimistic.

（2） The construction industry continued to expand rapidly. The business activity index of the construction industry was 56.5%, which was 2.7 percentage points lower than that of the previous month, and it was still in a relatively high boom zone. The construction industry continued to expand its production activities. From the industry situation, the business activity index of civil engineering construction industry was 57.1%, the new order index and business activity expectation index rose to 55.5% and 64.1% respectively, indicating that the construction process of infrastructure projects has been maintained fast, the market demand has continued to rise, and the enterprise has a good expectation for the near future development.

3、 Composite PMI output index expanded for three consecutive months

In August, the comprehensive PMI output index was 51.7%, lower than 0.8% of the previous month, indicating that the overall situation of production and operation activities of Chinese enterprises continued to recover, but the expansion was weakened. The manufacturing production index and non manufacturing business activity index which constitute the composite PMI output index are 49.8% and 52.6% respectively.