China News Service, January 31. The website of the National Bureau of Statistics announced on January 31 the operation of China's purchasing managers index in January 2023.
1. Operation of China's Manufacturing Purchasing Managers Index
In January, the Manufacturing Purchasing Managers Index (PMI) was 50.1%, an increase of 3.1 percentage points from the previous month, rising above the critical point, and the level of manufacturing prosperity rebounded significantly.
From the perspective of enterprise size, the PMI of large enterprises was 52.3%, an increase of 4.0 percentage points from the previous month, which was higher than the threshold; the PMI of medium and small enterprises were 48.6% and 47.2%, respectively, an increase of 2.2 and 2.5 percentage points from the previous month, both lower than the threshold. at the critical point.
In terms of sub-indices, among the five sub-indices that constitute the manufacturing PMI, the new order index is higher than the critical point, and the production index, raw material inventory index, employee index and supplier delivery time index are all lower than the critical point.
The production index was 49.8 percent, an increase of 5.2 percentage points from the previous month, indicating that the production level of the manufacturing industry has recovered rapidly.
The new orders index was 50.9 percent, an increase of 7.0 percentage points from the previous month, indicating that the manufacturing market demand has picked up.
Raw material inventory index was 49.6 percent, an increase of 2.5 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry has narrowed significantly.
The employment index was 47.7%, an increase of 2.9 percentage points from the previous month, indicating that the employment boom of manufacturing enterprises has increased.
The supplier delivery time index was 47.6 percent, an increase of 7.5 percentage points from the previous month, indicating that the extended delivery time of manufacturing raw material suppliers has improved.
2. Operation of China's Non-manufacturing Purchasing Managers Index
In January, the non-manufacturing business activity index was 54.4%, an increase of 12.8 percentage points from the previous month, higher than the threshold, and the non-manufacturing business climate level bottomed out.
In terms of industries, the construction industry business activity index was 56.4 percent, an increase of 2.0 percentage points from the previous month.
The service industry business activity index was 54.0%, an increase of 14.6 percentage points from the previous month.
In terms of industry conditions, the business activity indexes of railway transportation, air transportation, postal services, monetary and financial services, insurance and other industries are in the high-level boom range of above 60.0%; the business activity indexes of real estate and other industries are still below the critical point.
The new orders index was 52.5 percent, an increase of 13.4 percentage points from the previous month, which was higher than the threshold, indicating that the non-manufacturing market demand has picked up.
In terms of industries, the new orders index of the construction industry was 57.4 percent, an increase of 8.6 percentage points from the previous month; the new orders index of the service industry was 51.6 percent, an increase of 14.2 percentage points from the previous month.
The input price index was 51.5 percent, an increase of 2.3 percentage points from the previous month, and was higher than the threshold, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities has increased.
In terms of industries, the input price index of the construction industry was 55.3 percent, an increase of 4.1 percentage points from the previous month; the input price index of the service industry was 50.9 percent, an increase of 2.0 percentage points from the previous month.
The sales price index was 48.3 percent, an increase of 0.8 percentage points from the previous month, and was lower than the threshold, indicating that the decline in the overall level of non-manufacturing sales prices has narrowed.
In terms of industries, the sales price index of the construction industry was 52.8 percent, an increase of 2.8 percentage points from the previous month; the sales price index of the service industry was 47.5 percent, an increase of 0.5 percentage points from the previous month.
The employment index was 46.7 percent, an increase of 3.8 percentage points from the previous month, indicating that the employment boom of non-manufacturing enterprises has picked up.
In terms of different industries, the employment index of the construction industry was 53.1%, an increase of 7.4 percentage points from the previous month; the employment index of the service industry was 45.5%, an increase of 3.1 percentage points from the previous month.
The business activity expectation index was 64.9 percent, an increase of 11.2 percentage points from the previous month, and was higher than the threshold, indicating that non-manufacturing enterprises have positive expectations for the recent market recovery and development.
In terms of industries, the business activity expectation index of the construction industry was 68.2 percent, an increase of 6.7 percentage points from the previous month; the business activity expectation index of the service industry was 64.3 percent, an increase of 12.0 percentage points from the previous month.
3. Operation of China's Composite PMI Output Index
In January, the comprehensive PMI output index was 52.9%, an increase of 10.3 percentage points from the previous month, which was higher than the threshold, indicating that the production and operation prosperity of Chinese enterprises has rebounded.
(China New Finance and Economics)