China's manufacturing PMI in June was 50.9%: the rise in raw material prices slowed down and the economy remained stable and recovered
The China Federation of Logistics and Purchasing and the Service Industry Survey Center of the National Bureau of Statistics released today (June 30) the Purchasing Managers Index (PMI) of China's Manufacturing Industry for June, which was 50.9%, a slight decrease of 0.1 percentage point from the previous month, for the third consecutive year. The month remained at around 51%, and the economy continued to maintain a stable recovery trend.
The sub-indices showed that the most prominent change in June was the slowdown in raw material prices, which helped stabilize market demand.
The number of employees increased steadily, and the consumer goods industry recovered steadily and quickly.
However, market demand still needs to be consolidated, and corporate profit margins will continue to be under pressure for a period of time.
The growth rate of raw material prices has slowed, and inflationary pressures have eased.
In June, the effects of the measures taken by the relevant departments to promote the supply and stability of bulk commodities began to appear, the market speculation factors have cooled down, and the inflationary pressure that has risen rapidly in the early period has been eased.
The purchase price index fell sharply by 11.6 percentage points from the previous month to 61.2%. The proportion of companies reflecting high raw material costs fell by 3.7 percentage points from the previous month to 61.1%.
The slowdown in the price growth of raw materials also led to a slowdown in the sales price growth of finished products. The ex-factory price index fell 9.2 percentage points from the previous month to 51.4%.
The market demand is steadily rising, and the endogenous driving force of the economy is relatively stable.
In June, although the epidemic rebounded in some areas, the slowdown in product sales prices had a certain boost to demand.
The overall market demand continued to increase steadily. The new order index rose by 0.2 percentage points from the previous month to 51.5%, and remained above 51% for 13 consecutive months. The endogenous economic momentum is relatively stable.
The number of employees has increased steadily, and the basic people’s livelihood security is relatively good.
Driven by rising market demand and stable economic recovery, corporate labor demand has also risen, and employment has increased steadily. The employment index rose by 0.3 percentage points from the previous month to 49.2%, which is at a relatively high level in the same period in recent years. Basic people's livelihood is better protected.
The consumer goods industry recovered steadily and quickly, and the segmented industries recovered more evenly.
In June, the purchase price index and ex-factory price index of the consumer goods industry dropped significantly to 56.4% and 50.4%, respectively, which are both at a low level in the manufacturing industry.
Due to the correction of market price growth and the expected increase in consumption during the summer, the market demand for consumer goods has risen significantly, leading to a significant increase in related production.
The PMI of the consumer goods industry was 52.2%, which increased significantly after operating stably at around 50.5% for four consecutive months, indicating that the consumer goods industry recovered steadily and quickly.
The production index and the new order index rose by 1 and 3.5 percentage points to 53.9% and 54.6%, respectively.
From the perspective of the PMI of consumer sub-sectors, except for the textile industry, the growth rate has slowed down, other sub-sectors have risen, and the consumer goods industry has recovered more equilibrium.
Looking back at the second quarter, the economy as a whole maintained a steady recovery. The average manufacturing PMI was 51%, and the production index and new order index fluctuated slightly around 52% and 51.5%, respectively, indicating that the growth of supply and demand was relatively stable.
Among them, the production index in June dropped by 0.8 percentage points from the previous month to 51.9%. One reason was that repeated epidemics in some areas had a short-term impact on production.
Experts said that from the perspective of index trends, there are still some unstable factors in economic operations, and efforts should be made to resolve them in the process of long-term economic recovery.
First, the market demand foundation needs to be further consolidated.
Although market demand continues to be in the recovery channel, the sense of enterprise gain is still insufficient, and the demand rebound and growth rate show signs of weakening.
The average value of the new orders index in the second quarter decreased by 0.9 percentage points from the average value of the first quarter.
The decline in external demand was more pronounced. The new export orders index in June fell by 0.2 percentage points from the previous month to 48.1%, a decline for three consecutive months, and it has been in a contraction zone for two consecutive months.
The proportion of companies that reported insufficient market demand in June rose by 3.3 percentage points from the previous month to 36.3%.
Second, corporate profit margins are expected to continue to be under pressure.
In June, the purchase price index was still at a relatively high level, 9.8 percentage points higher than the ex-factory price index. The difference has remained at about 10 percentage points for 7 consecutive months, indicating that the growth rate of company raw material prices has been significantly higher than that of finished products. , The pressure on corporate profit margins is greater.
(Headquarters CCTV reporter Wang Shantao)