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Bureau of Statistics Interprets January Manufacturing Purchasing Managers Index: Service Industry Rise

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Bureau of Statistics Interprets January Manufacturing Purchasing Managers Index: Service Industry Rise -Bureau-of-Statistics-Interprets-January-Manufacturing-Purchasing-Managers-Index-Service-Industry-Rise

Data map: The labor market, the window is full of various service industry recruitment information. China News Agency issued Wei Liang photo

Data map: The labor market, the window is full of various service industry recruitment information. China News Agency issued Wei Liang photo

According to the website of the National Bureau of Statistics, Zhao Qinghe, senior statistician of the Service Industry Research Center of the National Bureau of Statistics, pointed out on the 31st that the China Manufacturing Purchasing Managers Index rose slightly in January 2019, and the non-manufacturing business activity index There has also been a rebound, and the service industry business activity index has rebounded significantly.

On January 31, the National Bureau of Statistics Service Industry Research Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. In this regard, Zhao Qinghe, senior statistician of the Service Industry Research Center of the National Bureau of Statistics, explained.

Zhao Qinghe pointed out that the manufacturing purchasing managers' index has rebounded slightly. In January, the manufacturing PMI was 49.5%, which fell behind for four consecutive months, up 0.1 percentage point from the previous month. The main features of the manufacturing PMI this month: First, the manufacturing expansion of the manufacturing industry has slightly accelerated. The production index was 50.9%, slightly higher than the previous month by 0.1 percentage points. The new order index was 49.6%, down 0.1 percentage points from the previous month. Among them, the new export order index reflecting external demand was 46.9%, up 0.3 percentage points from the previous month. Second, the decline in the overall level of purchase prices and ex-factory prices of major raw materials has narrowed. After the main product purchase price index and ex-factory price index fell for three consecutive months, this month's month-on-month increase of 1.5 and 1.2 percentage points, respectively, 46.3% and 44.5%, but still in the contraction range. Among them, the ex-factory price index of the manufacturing industry, such as refined tea, tobacco products, textile and apparel, wood processing and furniture, which are closely related to consumption, is located in the expansion range. Third, the development of large-scale enterprises is expected to be more optimistic. The PMI of large enterprises was 51.3%, up 1.2 percentage points from the previous month and 1.8 percentage points higher than the overall manufacturing industry. At the same time, the expected index of production and operation activities of large enterprises was 55.4%, up 0.6 percentage points from the previous month. The operation of large enterprises was basically stable, and the future market development expectations were relatively optimistic. In addition, the PMI of small and medium-sized enterprises this month was 47.2% and 47.3%, down 1.2 and 1.3 percentage points respectively from the previous month. Fourth, the new kinetic energy continued to accumulate, and the holiday consumption effect appeared. The production index of high-tech manufacturing and consumer goods manufacturing was 51.6% and 51.5%, up 3.2 and 1.3 percentage points respectively from the previous month, both significantly higher than the overall level of manufacturing, and the production activities of enterprises accelerated.

According to the survey results, the proportion of enterprises that reflected the high cost of raw materials and the fluctuation of RMB exchange rate on the production and operation of enterprises was 34.5% and 12.7%, respectively, down 2.9 and 1.2 percentage points from the previous month, both of which fell for three consecutive months, indicating recent The pressure on the cost of purchasing raw materials for enterprises has eased, and the impact of fluctuations in the RMB exchange rate has also eased.

Zhao Qinghe said that the non-manufacturing business activity index continued to rise. In January, the non-manufacturing business activity index was 54.7%, up 0.9 percentage points from the previous month, and higher than the 2018 average of 0.3 percentage points. The overall non-manufacturing expansion pace has accelerated and the start is good.

At the same time, the service industry has rebounded significantly. The service industry business activity index was 53.6%, up 1.3 percentage points from the previous month, and the service industry boom rose to a seven-month high. Among the 21 industries surveyed, the business activity index of 15 industries was higher than the critical point, and the overall service industry was running smoothly. From the industry situation, the business activity index of wholesale, railway transportation, air transportation, postal express, telecommunications, banking, insurance, tourism and other industries is located at a higher economic range of 57.0% and above, indicating that driven by factors such as holiday effects and consumption upgrades, Relevant industries are more active. However, the securities, real estate and other industries are continuously in the contraction zone, and the industry boom is weak. In terms of market demand, the service industry's new order index was 50.2%, which was 0.9 percentage points higher than the previous month and returned to the expansion range. With the accelerated release of market demand, the input price index rose by 2.2 percentage points to 51.8%, rising above the critical point; although the sales price index is still below the critical point, it rebounded 2.1 percentage points to 49.4%, and the overall decline in corporate sales prices Significantly narrowed.

In addition, the construction industry has a high level of decline. The business activity index was 60.9%, which continued to be in the high-level boom zone, but fell by 1.7 percentage points from the previous month, indicating that the construction industry's production growth rate has slowed down due to factors such as the winter cold weather and the return of the employees of the enterprises near the Spring Festival. In terms of market demand, the construction industry's new order index was 55.8%. Although it fell 0.7 percentage points from the previous month, it was continuously in a higher economic range, and the market demand was generally stable. The construction industry is expected to continue to maintain a stable expansion in the near future.

Zhao Qinghe also pointed out that in January, the comprehensive PMI output index was 53.2%, which was 0.6 percentage points higher than that of the previous month. The prosperity has rebounded, reflecting the acceleration of the overall growth rate of production and operation activities of Chinese enterprises. The manufacturing production index and non-manufacturing business activity index, which constitute the comprehensive PMI output index, were 50.9% and 54.7%, up 0.1 and 0.9 percentage points respectively from the previous month, indicating that the role of non-manufacturing stable economic growth is further enhanced.

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