In terms of enterprise scale, the PMI of large enterprises was 52.6%, down 0.4 percentage points from the previous month, and continued to operate smoothly in the expansion range; the medium-sized enterprise PMI was 50.1%, down 0.3 percentage points from the previous month, above the critical point; small The enterprise PMI was 48.5%, down 0.2 percentage points from the previous month and below the critical point.
I. Operation of China Manufacturing Purchasing Managers Index
In January 2018, the China Manufacturing Purchasing Managers Index (PMI) was 51.3%. Although it fell 0.3 percentage points from the previous month, it remained flat with the same period last year, and the manufacturing industry continued to expand steadily.
In terms of enterprise scale, the PMI of large enterprises was 52.6%, down 0.4 percentage points from the previous month, and continued to operate smoothly in the expansion range; the medium-sized enterprise PMI was 50.1%, down 0.3 percentage points from the previous month, above the critical point; small The enterprise PMI was 48.5%, down 0.2 percentage points from the previous month and below the critical point.
From the classification index, among the five sub-indices that constitute the manufacturing PMI, the production index and the new order index are above the critical point, and the raw material inventory index, the employee index and the supplier delivery time index are below the critical point.
The production index was 53.5%. Although it was down 0.5 percentage points from the previous month, it is still in the expansion range, indicating that manufacturing production has maintained steady growth and the growth rate has slowed down.
The new order index was 52.6%, down 0.8 percentage points from the previous month, above the critical point, indicating that the pace of expansion in manufacturing market demand has slowed down.
The raw material inventory index was 48.8%, up 0.8 percentage points from the previous month and below the critical point, indicating that the decline in the main raw material inventory of the manufacturing industry has narrowed.
The employee index was 48.3%, down 0.2 percentage points from the previous month and below the critical point, indicating that the manufacturing industry's employment was reduced.
The supplier's delivery time index was 49.2%, down 0.1 percentage points from the previous month and below the critical point, indicating that the manufacturing raw material suppliers' delivery time slowed down.
Second, the operation of China's non-manufacturing purchasing managers' index
In January 2018, China's non-manufacturing business activity index was 55.3%, which was 0.3 percentage points higher than the previous month. The non-manufacturing industry continued to grow steadily and well.
In terms of industries, the service industry business activity index was 54.4%, up 1.0 percentage point from the previous month, and the service industry started to achieve steady and rapid growth. From the perspective of industry categories, the business activity index of retail, air transport, telecommunication radio and television and satellite transmission services, Internet software information technology services, monetary and financial services, insurance, leasing and business services is above 55.0%. In the high-energy zone, the total business volume increased rapidly. The business activity index of the lodging industry, catering industry, real estate industry, residential service and repair industry is below the critical point, and the total business volume has declined. The construction industry business activity index was 60.5%, down 3.4 percentage points from the previous month, and the construction industry's production activities slowed down.
The new order index was 51.9%, down 0.1 percentage point from the previous month and still above the critical point, indicating a slight slowdown in demand growth in the non-manufacturing market. In terms of industries, the service industry's new order index was 51.8%, up 0.9 percentage points from the previous month and above the critical point. The construction industry's new order index was 52.8%, down 5.3 percentage points from the previous month.
The input price index was 53.9%, down 0.9 percentage points from the previous month and continued to be above the critical point, indicating that the overall level of input prices of non-manufacturing enterprises used for business activities continued to rise, but the growth rate continued to narrow. In terms of industries, the service industry input price index was 53.5%, up 0.3 percentage points from the previous month. The construction industry input price index was 56.2%, down 8.1 percentage points from the previous month.
The sales price index was 52.6%, which was the same as last month and continued to be above the critical point, indicating that the overall level of non-manufacturing sales prices has kept rising. In terms of industries, the service industry sales price index was 52.5%, up 0.5 percentage points from the previous month. The construction industry sales price index was 53.3%, down 2.3 percentage points from the previous month.
The employee index was 49.4%, a slight increase of 0.1 percentage points from the previous month, below the critical point, indicating that although the number of non-manufacturing employees has decreased, the decline continues to narrow. In terms of industries, the service industry employee index was 48.4%, up 0.2 percentage points from the previous month. The construction industry employee index was 55.4%, down 0.5 percentage points from the previous month.
The business activity expectation index was 61.7%, up 0.8 percentage points from the previous month, and it was at a high level of 60.0% for 9 consecutive months. In terms of industries, the service industry's business activity expectation index was 61.2%, up 0.9 percentage points from the previous month. The construction industry business activity expectation index was 64.7%, up 0.6 percentage points from the previous month.
Third, the operation of China's comprehensive PMI output index
In January 2018, China's comprehensive PMI output index was 54.6%, which was the same as last month, indicating that the overall production and operation activities of Chinese enterprises continued to maintain a stable and rapid development trend.
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