National Bureau Of Statistics: China'S Purchasing Managers' Index Will Be 50.2% In September 2023

1、 Operation of China's manufacturing PMI

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

From the perspective of enterprise scale, the PMI of large enterprises was 51.6%, up 0.8 percentage points over the previous month, and continued to be higher than the critical point; The PMI of medium-sized enterprises was 49.6%, unchanged from the previous month, below the critical point; The PMI of small enterprises was 48.0%, up 0.3 percentage points over the previous month, lower than the critical point.

From the perspective of sub indexes, among the five sub indexes that constitute the PMI of manufacturing industry, 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%, up 0.8 percentage points over the previous month, indicating that the pace of manufacturing production expansion has accelerated.

The index of new orders was 50.5%, up 0.3 percentage points over the previous month, indicating that the manufacturing market demand continued to improve.

The raw material inventory index was 48.5%, up 0.1 percentage point over the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry continued to narrow.

The employee index was 48.1%, up 0.1 percentage point over the previous month, indicating that the employment landscape of manufacturing enterprises has slightly rebounded.

The supplier delivery time index was 50.8%, down 0.8 percentage points from the previous month, still above the critical point, indicating that the delivery time of raw material suppliers in the manufacturing industry continued to accelerate.

2、 Operation of China's non manufacturing PMI

In September, the non manufacturing business activity index was 51.7%, up 0.7 percentage points over the previous month, and the expansion of the non manufacturing industry was strengthened.

By industry, the construction business activity index was 56.2%, 2.4 percentage points higher than the previous month; The business activity index of the service industry was 50.9%, up 0.4 percentage points over the previous month. From the perspective of industry, the business activity index of industries such as water transport, postal services, telecommunications, radio and television and satellite transmission services, Internet software and information technology services, monetary and financial services is in a high boom zone of more than 55.0%; The business activity index of railway transport, air transport, accommodation, catering and other industries is below the critical point.

The index of new orders was 47.8%, up 0.3 percentage points over the previous month, indicating that the demand boom of the non manufacturing market has improved. By industry, the index of new orders in the construction industry was 50.0%, up 1.5 percentage points over the previous month; The index of new orders in the service industry was 47.4%, unchanged from the previous month.

The input price index was 52.5%, up 0.8 percentage points over the previous month, indicating that the overall level of input prices used by non manufacturing enterprises for business activities continued to rise. By industry, the input price index of the construction industry was 54.7%, up 6.3 percentage points over the previous month; The input price index of the service industry was 52.1%, down 0.2 percentage points from the previous month.

The sales price index was 50.3%, up 0.3 percentage points over the previous month, indicating that the overall sales price level of non manufacturing industries rose. By industry, the sales price index of the construction industry was 51.5%, 1.1 percentage points higher than that of last month; The sales price index of the service industry was 50.0%, up 0.1 percentage point over the previous month.

The employment index was 46.8%, unchanged from the previous month, indicating that the employment landscape of non manufacturing enterprises is still low. In terms of industry, the construction industry employee index was 46.3%, up 1.6 percentage points over the previous month; The index of service industry employees was 46.9%, down 0.3 percentage points from the previous month.

The expected index of business activities was 58.7%, up 0.5 percentage points from the previous month, maintaining a high boom range, indicating that non manufacturing enterprises have strong confidence in the recent market recovery and development. By industry, the expected index of business activities in the construction industry was 61.8%, up 1.5 percentage points from the previous month; The expected index of service industry business activities was 58.1%, up 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%, up 0.7 percentage points over the previous month, indicating that the overall expansion of production and operation activities of Chinese enterprises has accelerated.