Home Business National Bureau of Statistics: Manufacturing PMI in June was 50.2%, an increase of 0.6 percentage points from the previous month and rose to the expansion range – Teller Report

National Bureau of Statistics: Manufacturing PMI in June was 50.2%, an increase of 0.6 percentage points from the previous month and rose to the expansion range – Teller Report

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National Bureau of Statistics: Manufacturing PMI in June was 50.2%, an increase of 0.6 percentage points from the previous month and rose to the expansion range – Teller Report

China Net Finance, June 30 News According to the website of the National Bureau of Statistics, on the 30th, the National Bureau of Statistics announced the operation of China‘s purchasing managers’ index in June 2022. In June, the Manufacturing Purchasing Managers Index (PMI) was 50.2%, up 0.6 percentage points from the previous month, returning to above the critical point, and the manufacturing industry resumed expansion.

In terms of enterprise scale, the PMI of large enterprises was 50.2%, a decrease of 0.8 percentage points from the previous month, and was still higher than the threshold; the PMI of medium-sized enterprises was 51.3%, an increase of 1.9 percentage points from the previous month, returning to above the threshold; the PMI of small enterprises It was 48.6%, up 1.9 percentage points from the previous month, and still below the critical point.

In terms of sub-indices, among the five sub-indices that make up the manufacturing PMI, the production index, the new order index and the supplier delivery time index are all higher than the critical point, while the raw material inventory index and the employee index are both below the critical point.

The production index was 52.8 percent, up 3.1 percentage points from the previous month, returning to above the critical point, indicating that the recovery of manufacturing production has accelerated.

The new orders index was 50.4 percent, up 2.2 percentage points from the previous month, returning to above the threshold, indicating that the manufacturing market demand has improved.

The raw material inventory index was 48.1 percent, an increase of 0.2 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry continued to narrow.

The employment index was 48.7%, an increase of 1.1 percentage points from the previous month, indicating that the employment prosperity level of manufacturing enterprises has rebounded for two consecutive months.

The supplier delivery time index was 51.3%, up 7.2 percentage points from the previous month, returning to above the critical point, indicating that the delivery time of manufacturing raw material suppliers was significantly faster than the previous month.

In June, the non-manufacturing business activity index was 54.7%, up 6.9 percentage points from the previous month, returning to the expansion range. The non-manufacturing business activity level has rebounded significantly for two consecutive months.

In view of different industries, the business activity index of the construction industry was 56.6 percent, an increase of 4.4 percentage points from the previous month. The service industry business activity index was 54.3 percent, up 7.2 percentage points from the previous month. From the perspective of the industry, the business activity index of retail, railway transportation, road transportation, air transportation, postal service, monetary and financial services, capital market services and other industries is above 55.0%; the business activity index of real estate, residential services and other industries continues to be lower than the critical point.

The new orders index was 53.2%, up 9.1 percentage points from the previous month, returning to above the threshold, indicating that the non-manufacturing market demand has picked up. In view of different industries, the new orders index of the construction industry was 50.8%, an increase of 4.4 percentage points from the previous month; the new orders index of the service industry was 53.7%, an increase of 10.0 percentage points from the previous month.

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The input price index was 52.6 percent, an increase of 0.1 percentage point 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 increased from the previous month. In view of different industries, the input price index of the construction industry was 48.7 percent, a decrease of 3.7 percentage points from the previous month; the input price index of the service industry was 53.3 percent, an increase of 0.8 percentage points from the previous month.

The sales price index was 49.6 percent, up 0.2 percentage points from the previous month, and lower than the threshold, indicating that the decline in the overall level of non-manufacturing sales prices narrowed. In view of different industries, the sales price index of the construction industry was 50.3 percent, a decrease of 1.2 percentage points from the previous month; the sales price index of the service industry was 49.5 percent, an increase of 0.5 percentage points from the previous month.

The employment index was 46.9%, an increase of 1.6 percentage points from the previous month, indicating that the employment prosperity of non-manufacturing enterprises has improved. In view of different industries, the employment index of construction industry was 48.3%, an increase of 2.8 percentage points from the previous month; the employment index of the service industry was 46.6%, an increase of 1.3 percentage points from the previous month.

The business activity expectation index was 61.3 percent, an increase of 5.7 percentage points from the previous month, and was higher than the threshold, indicating that non-manufacturing enterprises have significantly enhanced confidence in the recent industry recovery and development. In view of different industries, the business activity expectation index of the construction industry was 63.1%, an increase of 5.2 percentage points from the previous month; the business activity expectation index of the service industry was 61.0%, an increase of 5.8 percentage points from the previous month.

In June, the comprehensive PMI output index was 54.1%, an increase of 5.7 percentage points from the previous month, indicating that the production and operation of Chinese enterprises generally showed a recovery expansion.

Zhao Qinghe, a senior statistician at the Service Industry Survey Center of the National Bureau of Statistics, interprets China‘s purchasing managers’ index in June 2022. As the domestic epidemic prevention and control situation continues to improve, and a package of policies and measures to stabilize the economy is accelerated, the overall recovery of my country’s economy has accelerated. In June, the manufacturing purchasing managers’ index, the non-manufacturing business activity index, and the composite PMI output index were 50.2 percent, 54.7 percent, and 54.1 percent, respectively, 0.6, 6.9, and 5.7 percentage points higher than the previous month, and all rose to the expansion range.

 1. The Manufacturing Purchasing Managers Index has returned to the expansionary range

The manufacturing PMI recovered to 50.2% in June, returning to expansion territory after three consecutive months of contraction. Among the 21 industries surveyed, the PMI of 13 industries is in the expansion range. The prosperity of the manufacturing industry continues to expand, and positive factors continue to accumulate.

(1) The recovery of production and demand is accelerated. With the continuous progress of resumption of work and production, the production and demand that were suppressed in the early stage of enterprises have been released at a faster pace. The production index and new order index were 52.8% and 50.4%, respectively, 3.1 and 2.2 percentage points higher than the previous month, and both rose to the expansion range. From the perspective of the industry, the two indexes of the automobile, general equipment, special equipment, computer communication electronic equipment and other industries are both higher than 54.0%, and the recovery of production and demand is faster than that of the manufacturing industry as a whole. At the same time, policies and measures such as logistics guarantee and smooth flow have been effective. The supplier delivery time index was 51.3%, 7.2 percentage points higher than the previous month. The supplier delivery time was significantly faster than the previous month, which effectively guaranteed the production and operation of enterprises.

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(2) The PMI of large and medium-sized enterprises is in the expansion range. The PMI of large enterprises was 50.2%, which was higher than the critical point for two consecutive months, continuing the momentum of recovery expansion. The PMI of medium-sized enterprises was 51.3%, 1.9 percentage points higher than the previous month, rising to the expansion range, and production activities accelerated. The PMI of small enterprises was 48.6%, 1.9 percentage points higher than the previous month. The recovery process of small enterprises was relatively slow, but the level of prosperity has rebounded.

(3) The recovery of high-tech and equipment manufacturing industries is accelerated. The PMIs of high-tech manufacturing and equipment manufacturing were 52.8 percent and 52.2 percent, respectively, 2.3 and 3.3 percentage points higher than the previous month. The PMI of the consumer goods industry was 50.9%, 0.7 percentage points higher than the previous month, and the consumer goods industry continued to recover. The PMI of high energy-consuming industries was 48.3%, 1.7 and 1.9 percentage points lower than that of the previous month and the overall manufacturing industry, respectively, and the overall economic level was low.

(4) Business expectations have improved. The production and operation activity expectation index was 55.2%, 1.3 percentage points higher than the previous month, and rose to a nearly three-month high, and business confidence continued to recover. Judging from the industry situation, the production and operation activity expectation index of food, alcoholic beverages, refined tea, automobiles, railways, ships, aerospace equipment and other industries is higher than 60.0%. Metal smelting and rolling processing and other industries continued to fall below 50.0%, and corporate confidence needs to be strengthened.

Although the manufacturing industry continued to recover this month, 49.3% of enterprises still reported that orders were insufficient, and weak market demand was still the main problem facing the manufacturing industry. At the same time, the ex-factory price index fell to 46.3%, staying in the contraction range for two consecutive months. The profit margins of some companies were squeezed to a certain extent, and the operating pressure was relatively large.

  2. The non-manufacturing business activity index rebounded sharply to the expansion range

In June, the non-manufacturing business activity index was 54.7%, 6.9 percentage points higher than the previous month, and rebounded significantly for two consecutive months.

(1) The prosperity of the service industry has returned to the expansion range. In June, the domestic epidemic situation was generally stable, various policies and measures to help enterprises were gradually implemented, and the service industry continued to recover. The business activity index rose to 54.3% from the low base level in April and May, 7.2 percentage points higher than the previous month. , returned to the expansion range, and the operating conditions of service industry enterprises improved compared with May. Among the 21 industries surveyed, the business activity index in the expansion range increased from 6 in the previous month to 19, and the prosperity of the service industry expanded significantly. Among them, the business activity indexes of industries that were severely affected by the epidemic in the early stage all rebounded, and the railway transportation, air transportation and other industries were higher than 65.0%, and the total business volume increased month-on-month for two consecutive months; road transportation, accommodation, catering, ecological protection and environmental protection Governance, culture, sports and entertainment industries rose above the critical point, and the total business volume turned from decline to increase. From the perspective of market demand and expectations, the new orders index and business activity expectation index were 53.7% and 61.0%, respectively, 10.0 and 5.8 percentage points higher than the previous month, indicating that as the impact of the epidemic weakened, the market demand for the service industry has recovered, and business confidence Gradually recover.

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(2) The construction industry rose to a higher economic range. The business activity index of the construction industry was 56.6%, 4.4 percentage points higher than the previous month, indicating that the prosperity of the construction industry has rebounded. At the same time, the supplier delivery time index was 50.5%, 8.8 percentage points higher than the previous month, and rose to the expansion range, indicating that the smooth transportation and logistics policy has achieved practical results, and the poor transportation of raw materials in the construction industry has been alleviated, effectively guaranteeing the construction progress. From the perspective of market expectations, the business activity expectation index rebounded by 5.2 percentage points to 63.1%, indicating that companies are more optimistic about the recent industry development prospects.

  3. The composite PMI output index continued to rebound

In June, the comprehensive PMI output index was 54.1%, 5.7 percentage points higher than the previous month, indicating that the production and operation of Chinese enterprises generally showed a recovery expansion. The manufacturing production index and non-manufacturing business activity index, which make up the composite PMI output index, were 52.8% and 54.7%, respectively.

The purchasing managers’ index returned to the expansion range in June, reflecting the obvious positive changes in the production and operation conditions of enterprises compared with May. However, there are still many uncertainties in the current domestic and international economic environment. It is necessary to further refine and implement a package of policy measures to stabilize the economy, actively expand effective demand, and consolidate the momentum of economic recovery and development.

(Editor in charge: Peng Yansong)

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