The website of China Statistics Bureau released the operation of China Purchasing Managers’ Index in June 2023.
I. China’s manufacturing purchasing managers’ index operation
In June, the manufacturing purchasing managers’ index (PMI) was 49.0%, up 0.2 percentage points from the previous month, and the level of manufacturing prosperity improved.
From the perspective of enterprise size, the PMI of large enterprises was 50.3%, up 0.3 percentage points from last month; the PMI of medium-sized enterprises was 48.9%, up 1.3 percentage points from last month; the PMI of small enterprises was 46.4%, down 1.5 percentage points from last month.
From the classification index, among the five classification indexes that constitute the manufacturing PMI, the production index and supplier delivery time index are higher than the critical point, while the new order index, raw material inventory index and employee index are lower than the critical point.
The production index was 50.3%, up 0.7 percentage points from the previous month, rising above the critical point, indicating that manufacturing production activities have accelerated.
The new orders index was 48.6%, up 0.3 percentage points from the previous month, indicating that the boom of manufacturing market demand has improved.
The raw material inventory index was 47.4%, down 0.2 percentage point from last month, indicating that the inventory of major raw materials in manufacturing industry continued to decrease.
The employment index was 48.2%, down 0.2 percentage point from the previous month, indicating a slight decline in the employment sentiment of manufacturing enterprises.
The supplier delivery time index was 50.4%, down 0.1 percentage point from last month, still higher than the critical point, indicating that the delivery time of raw material suppliers in manufacturing industry continues to accelerate.
Second, the operation of China’s non-manufacturing purchasing managers’ index
In June, the non-manufacturing business activity index was 53.2%, down 1.3 percentage points from the previous month, still above the critical point, the non-manufacturing industry has always maintained an expansionary trend this year.
By industry, the construction business activity index was 55.7%, down 2.5 percentage points from the previous month; the service business activity index was 52.8%, down 1.0 percentage points from the previous month. From the industry point of view, the business activity index of air transportation, postal express, telecommunications, radio, television and satellite transmission services, monetary and financial services, insurance and other industries are located in the high boom range of 60.0% and above; wholesale, real estate, residential services and other industries business activity index is below the critical point.
The new order index was 49.5%, unchanged from last month, indicating that the boom of non-manufacturing market demand was basically flat. By industry, the new orders index for the construction industry was 48.7%, down 0.8 percentage points from the previous month; the new orders index for the service industry was 49.6%, up 0.1 percentage points from the previous month.
Input price index was 49.0%, up 1.6 percentage points from last month, indicating that the overall level of non-manufacturing enterprises’ input prices for business activities narrowed. By industry, the input price index for the construction industry was 51.8%, up 7.1 percentage points from the previous month; the input price index for the service industry was 48.6%, up 0.7 percentage points from the previous month.
Sales price index was 47.8%, up 0.2 percentage points from last month, indicating that the overall level of non-manufacturing sales prices have fallen. By industry, the construction industry sales price index was 51.6%, up 4.7 percentage points from the previous month; the service industry sales price index was 47.2%, down 0.6 percentage points from the previous month.
The employment index was 46.8%, down 1.6 percentage points from the previous month, indicating that the employment sentiment of non-manufacturing enterprises has declined. By industry, the index of construction workers was 47.2%, down 1.3 percentage points from last month; the index of service workers was 46.7%, down 1.6 percentage points from last month.
The business activity expectation index was 60.3%, down 0.1 percentage point from last month, remaining in the high boom range, indicating that non-manufacturing enterprises have stronger confidence in the recent market recovery. By industry, the business activity expectation index for the construction industry was 60.3%, down 1.8 percentage points from the previous month; the business activity expectation index for the service industry was 60.3%, up 0.2 percentage points from the previous month.
Third, China’s comprehensive PMI output index operation
In June, the composite PMI output index was 52.3%, down 0.6 percentage points from the previous month, continued to be located in the expansion range, indicating that the overall expansion of China’s business production and operation continued.