Non-manufacturing overall continued to expand in January, but at a slower pace

2022-04-27 0 By

China Purchasing Managers Index (PMI) was released by The Service Industry Survey Center of the National Bureau of Statistics and China Federation of Logistics and Purchasing on January 30, 2022.To this, the National Bureau of Statistics service survey center senior statistician Zhao Qinghe to understand.In January 2022, in the face of a complex and severe economic environment and multiple tests such as the outbreak of the epidemic, China’s economy continued to recover, but the economic level fell.The manufacturing purchasing Managers index, the non-manufacturing business activity index and the composite PMI output index all remained in expansionary territory at 50.1%, 51.1% and 51.0%, respectively, but were lower than 0.2, 1.6 and 1.2 percentage points in the previous month.In January, some manufacturing industries entered the traditional off-season of production. Coupled with the recent slowdown in market demand, the expansion of manufacturing industry weakened somewhat.Its main characteristic: it is production continues to expand.The production index was 50.9%, above the critical point for three consecutive months, but decreased by 0.5 percentage points from the previous month. The pace of manufacturing production expansion slowed down.In terms of industry, the production index of food, wine and beverage refined tea, paper and printing, culture, education, sports and beauty entertainment products related to the Spring Festival holiday consumption was higher than 52.0%, and the production maintained a rapid growth.At the same time, to meet the needs of the recent production, ready for the first enterprises to actively, continue to purchase quantity index than critical point, especially black metal smelting and rolling processing, non-ferrous metal smelting and rolling processing industry such as index and index of raw material inventory to purchase quantity expansion range, increase obviously procurement strength, main raw material inventory increased last month.Second, demand is still insufficient.The new orders index was 49.3%, down 0.4 percentage points from the previous month, remaining in the contraction zone, and the manufacturing market demand continued to be weak.In terms of industry conditions, the index of new orders in textile, chemical fiber, rubber and plastic products, special equipment and other industries was lower than 46.0%, continuously in the contraction zone, and the growth momentum of the industry was insufficient.However, food and wine and beverage refined tea, medicine and other industries continue to be in the expansion range, higher than the overall manufacturing industry, industry market demand keeps rising.Third, the price index rose in tandem.The purchasing price index and ex-factory price index of major raw materials were 56.4% and 50.9%, respectively, higher than 8.3 and 5.4 percentage points in the previous month, and returning to the expansion range. The overall price level of the manufacturing market rose from the previous month.In terms of sectors, the two price indices of oil, coal and other fuel processing, non-ferrous metal smelting and calendered processing all rose to the high range of more than 60.0%, and the purchasing prices of raw materials and selling prices of products in related industries rose significantly.Fourth, the prosperity of large enterprises is stable and rising.The PMI of large enterprises was 51.6%, 0.3 percentage points higher than that of the previous month, indicating that the economic level has picked up for two consecutive months.The PMI of medium-sized enterprises was 50.5%, lower than 0.8 percentage points in the previous month, still above the critical point of expansion.The PMI for small enterprises was 46.0%, 0.5 percentage points lower than last month and a recent low, indicating that small enterprises are under great pressure in production and operation and their development trend continues to be weak.Fifth, business expectations have improved.The expected index of production and business activities was 57.5%, higher than 3.2 percentage points in the previous month.In terms of industry conditions, 19 of the 21 industries surveyed are expected to have production and operation activity indexes in the boom range, especially those of general equipment, automobile, electrical machinery and other industries, which are above 60.0% in the high boom range. Enterprises in related industries are more optimistic about the market development prospects in the near future.In January, the non-manufacturing business activity index was 51.1%, down 1.6 percentage points from the previous month, higher than the critical point. The non-manufacturing industry as a whole continued to expand, but at a slower pace.The recovery in services has slowed.The business activity index of the service sector dropped to 50.3%, 1.7 percentage points lower than last month and the lowest in nearly five months.Looking from the industry situation, the trend of various industries shows obvious differences.Among them, the business activity index of monetary and financial services is in the high business range of more than 60.0%. Recently, a series of monetary policies supporting the development of the real economy, such as reserve requirement ratio and interest rate cuts, have been implemented, and the total business volume of relevant financial institutions has grown rapidly.The retail business activity index rose 5.5 percentage points from the previous month to the expansion range, holiday consumption driving effect is more obvious.At the same time, affected by the repeated epidemic, the business activity indexes of railway transportation, road transportation, water transportation, postal service and other industries fell below the critical point, and the industry’s economic level fell back.The business activity index of accommodation, residential service and other industries involving contact consumption is in the low range below 45.0%, indicating that the business volume of the industry decreases under the influence of the weakening of residents’ consumption intention.In terms of market demand, the index of new orders for the service sector was 46.8%, down 1.4 percentage points from last month, reflecting the recent weak market demand for the service sector.Construction is seasonally down.Construction continued to slow down due to rain, snow and the arrival of the Chinese New Year.The construction industry business activity index was 55.4%, down 0.9 percentage points from the previous month.The employment index was 49.2%, falling below the critical point.From the perspective of market expectations, the business activity expectation index was 64.4%, a significant rebound compared with last month, indicating that construction enterprises are more optimistic about post-holiday production and operation expectations.In January, the output index of the comprehensive PMI was 51.0%, 1.2 percentage points lower than that of the previous month, indicating that the production and operation activities of Chinese enterprises continued to expand, but the activity decreased.Manufacturing production and non-manufacturing business activity, which make up the composite PMI output index, were 50.9 per cent and 51.1 per cent respectively.Source: National Bureau of Statistics website: Yu Fanghua