National Bureau of Statistics: Manufacturing PMI in December was 49%
The National Bureau of Statistics released the operation status of China’s Purchasing Managers Index in December 2023 on its official website on the 31st. Data show that in December, the manufacturing purchasing managers index (PMI) was 49.0%, a decrease of 0.4 percentage points from the previous month, and the prosperity level of the manufacturing industry has declined.
Image source: National Bureau of Statistics website
In terms of enterprise size, the PMI of large enterprises was 50.0%, down 0.5 percentage points from the previous month, and was at the critical point; the PMIs of medium and small enterprises were 48.7% and 47.3% respectively, down 0.1 and 0.5 percentage points from the previous month, both lower than critical point.
From the perspective of sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index and supplier delivery time index are higher than the critical point, while the new order index, raw material inventory index and employee index are lower than the critical point.
The production index was 50.2%, down 0.5 percentage points from the previous month and still higher than the critical point, indicating that manufacturing production continued to expand.
The new orders index was 48.7%, down 0.7 percentage points from the previous month, indicating that manufacturing market demand has declined.
The raw material inventory index was 47.7%, a decrease of 0.3 percentage points from the previous month, indicating that the inventory of major raw materials in the manufacturing industry decreased.
The employment index was 47.9%, down 0.2 percentage points from the previous month, indicating that the employment boom of manufacturing companies has declined.
The supplier delivery time index was 50.3%, the same as last month and higher than the critical point, indicating that the delivery time of manufacturing raw material suppliers continues to accelerate.
Regarding the operation of China’s non-manufacturing purchasing managers’ index, in December, the non-manufacturing business activity index was 50.4%, an increase of 0.2 percentage points from the previous month and higher than the critical point, indicating that the expansion of non-manufacturing has accelerated.
Image source: National Bureau of Statistics website
In terms of industries, the business activity index of the construction industry was 56.9%, an increase of 1.9 percentage points from the previous month; the business activity index of the service industry was 49.3%, the same as the previous month. From an industry perspective, the business activity index of industries such as postal services, telecommunications, radio, television and satellite transmission services, monetary and financial services, and insurance is in the high prosperity range above 55.0%; the business activity index of industries such as water transportation, capital market services, and real estate is below the critical point .
Image source: National Bureau of Statistics website
Image source: National Bureau of Statistics website
The new orders index was 47.5%, an increase of 0.3 percentage points from the previous month, indicating that the decline in non-manufacturing market demand continued to narrow. In terms of industries, the new orders index of the construction industry was 50.6%, an increase of 2.0 percentage points from the previous month; the new orders index of the service industry was 47.0%, an increase of 0.1 percentage points from the previous month.
The input price index was 49.6%, down 0.2 percentage points from the previous month, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities has declined. In terms of industries, the input price index of the construction industry was 51.4%, a decrease of 1.7 percentage points from the previous month; the input price index of the service industry was 49.3%, an increase of 0.1 percentage points from the previous month.
The sales price index was 49.3%, an increase of 1.0 percentage points from the previous month, indicating that the decline in the overall level of non-manufacturing sales prices narrowed. In terms of industries, the sales price index of the construction industry was 51.7%, an increase of 0.4 percentage points from the previous month; the sales price index of the service industry was 48.9%, an increase of 1.2 percentage points from the previous month.
The employment index was 47.1%, an increase of 0.2 percentage points from the previous month, indicating that the employment prosperity of non-manufacturing enterprises continued to recover. In terms of industries, the employee index in the construction industry was 51.7%, an increase of 3.5 percentage points from the previous month; the employee index in the service industry was 46.3%, a decrease of 0.4 percentage points from the previous month.
The business activity expectation index was 60.3%, an increase of 0.5 percentage points from the previous month, indicating that most non-manufacturing companies are more optimistic about the recent market recovery and development. Looking at different industries, the construction industry business activity expectation index was 65.7%, an increase of 3.1 percentage points from the previous month; the service industry business activity expectation index was 59.4%, an increase of 0.1 percentage points from the previous month.
In terms of the operation of China’s comprehensive PMI output index, in December, the comprehensive PMI output index was 50.3%, down 0.1 percentage points from the previous month and higher than the critical point, indicating that the production and operation activities of my country’s enterprises have generally maintained expansion.
Image source: National Bureau of Statistics website
