National Bureau of Statistics: Manufacturing purchasing managers' index fell slightly in May

Chinanews.com, May 5 According to the website of the National Bureau of Statistics on the 31st, on May 31, 2023, the Service Industry Survey Center of the National Bureau of Statistics and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index. Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics, said that in May, the manufacturing purchasing managers' index, non-manufacturing business activity index and comprehensive PMI output index were 5.31%, 5.48% and 8.54%, respectively, lower than 5.52, 9.0 and 4.1 percentage points in the previous month.

The manufacturing purchasing managers' index fell slightly

In May, the manufacturing PMI continued to be in the contraction range, and 5 of the 21 industries surveyed were in the expansion range, showing a certain degree of differentiation in the industry sentiment.

Production and demand have slowed down at both ends. The production index and new orders index were 49.6% and 48.3%, respectively, down 0.6 and 0.5 percentage points from the previous month, both in the contraction range, manufacturing market demand is still insufficient, and the release of enterprise capacity is suppressed. From the perspective of industries, the two indexes of food and wine and beverages, refined tea, medicine, special equipment, railway, ship, aerospace equipment, electrical machinery and equipment were in the expansion range for three consecutive months, and production and demand maintained growth; The production index of textiles, garments and apparel, computer communication electronic equipment and other industries rose to the expansion range, and production improved month-on-month. The two indexes of chemical raw materials and chemical products, non-metallic mineral products, ferrous metal smelting and rolling processing are all in the low economic range below 45.0%, and production and demand have dropped significantly.

The price index continued to fall. Affected by the recent continuous decline in the prices of some commodities and weak market demand, the purchase price index and factory price index of major raw materials were 40.8% and 41.6%, respectively, down 5.6 and 3.3 percentage points from the previous month, falling to the recent low. Among them, the two price indices of petroleum, coal and other fuel processing, chemical raw materials and chemicals, ferrous metal smelting and rolling processing are lower than 31.0%, and the upstream and downstream markets of the industry are not very active.

Large enterprise PMIs rose to tipping point. The PMI of large enterprises was 50.0%, 0.7 percentage points higher than the previous month, of which the production index and new orders index were 51.5% and 50.3%, respectively, up 1.4 and 1.3 percentage points from the previous month, and production and demand expanded simultaneously. The PMI of small and medium-sized enterprises was 47.6% and 47.9% respectively, down 1.6 and 1.1 percentage points from the previous month, and the prosperity of small and medium-sized enterprises is still weak.

The prosperity level of some key industries has rebounded. The PMI of equipment manufacturing, high-tech manufacturing and consumer goods industries was 50.4%, 50.5% and 50.8% respectively, higher than the previous month by 0.3, 1.2 and 1.0 percentage points, and expanded to varying degrees from the previous month. The recovery momentum of high-energy-consuming industries is insufficient, and the industry PMI fell back to 45.8%, a low in nearly 10 months.

Business confidence is generally stable. The expected index of production and operation activities was 54.1%, 0.2 percentage points higher than the same period of the previous year, and the operation was basically stable, and enterprises remained optimistic about the recent development of the industry. From the perspective of industry, 21 of the 16 industries surveyed are in the expansion range of production and business activity expectation index, of which railway, ship, aerospace equipment, electrical machinery and equipment and other industries are in the high prosperity range of more than 5.60% for five consecutive months, and the industry market expectation continues to improve.

The non-manufacturing business activity index remained expanding

In May, the non-manufacturing business activity index was 5.54%, 5.1 percentage points lower than the previous month, and has remained in the boom range above 9.54% this year, and the non-manufacturing industry continued to recover growth.

The service sector has recovered steadily. Driven by factors such as the accelerated recovery of consumer demand, the business activity index of the service industry from February to April this year was in a high economic range for three consecutive months, although the index retraced by 2.4 percentage points to 1.3%, still 53.8 percentage points higher than the same period last year, and the service industry continued to maintain a rapid recovery trend. From the perspective of industry, driven by the "May Day" festival effect, tourism travel and offline consumption are more active, and the business activity index of railway transportation, air transportation, accommodation, catering and other industries is in the higher economic range of 6.7% or more; The business activity index of telecommunications, radio and television and satellite transmission services, Internet software and information technology services are all in the high economic range of more than 55.0%, which continues to be higher than the overall level of the service industry. At the same time, the business activity index of capital market services, real estate and other industries are in the contraction range, and the prosperity level of the industry has declined. From the perspective of market expectations, the business activity expectation index is 60.0%, which has remained in a high economic range since the beginning of this year, and all the industries surveyed are in the expansion range, and service industry enterprises continue to be optimistic about the recovery and development of the market.

The construction industry pulled back from high levels. The business activity index of the construction industry was 58.2%, 5.7 percentage points lower than the previous month, still in the high economic range, and the construction industry continued to maintain rapid growth. From the perspective of market expectations, the business activity expectation index was 62.1%, 2.0 percentage points lower than the previous month, and continued to be in the high economic range of more than 60.0%, and construction enterprises are more optimistic about the near-term market development prospects.

The composite PMI output index continues to expand

In May, the comprehensive PMI output index was 5.52%, 9.1 percentage points lower than the previous month, and continued to remain in the boom range, indicating that the overall production and operation of Chinese enterprises continued to recover the development trend. The manufacturing production index and the non-manufacturing business activity index, which make up the composite PMI output index, were 5.49% and 6.54%, respectively. (Zhongxin Finance)