National Bureau of Statistics: The manufacturing PMI for August was 49.1%

The Zhitong Finance App learned that on August 31, the National Bureau of Statistics released data showing that in August, the manufacturing purchasing managers' index (PMI) was 49.1%, down 0.3 percentage points from the previous month, and manufacturing sentiment declined slightly. In August, the non-manufacturing business activity index was 50.3%, up 0.1 percentage points from the previous month, and the level of non-manufacturing sentiment rebounded slightly. In August, the composite PMI output index was 50.1%, down 0.1 percentage points from the previous month. It continues to be in the expansion range, indicating that the overall production and operation activities of Chinese enterprises have maintained a slight expansion.

The original text is as follows

Performance of China's Purchasing Managers' Index in August 2024

I. Operation of the China Manufacturing Purchasing Managers' Index

In August, the manufacturing purchasing managers' index (PMI) was 49.1%, down 0.3 percentage points from the previous month, and manufacturing sentiment declined slightly.

In terms of enterprise size, the PMI for large enterprises was 50.4%, down 0.1 percentage points from the previous month, and still above the critical point; the PMI for small and medium-sized enterprises was 48.7% and 46.4%, respectively, down 0.7 and 0.3 percentage points from the previous month.

Looking at the classification index, among the five classification indices that make up the manufacturing PMI, the production index, the new orders index, the raw material inventory index, the employee index, and the supplier delivery time index are all below the critical point.

The production index was 49.8%, down 0.3 percentage points from the previous month, below the critical point, indicating a slowdown in the production activity of manufacturing enterprises.

The new orders index was 48.9%, down 0.4 percentage points from the previous month, indicating a decline in demand in the manufacturing market.

The raw material inventory index was 47.6%, down 0.2 percentage points from the previous month, indicating that the inventory of major raw materials in the manufacturing industry decreased compared to the previous month.

The employee index was 48.1%, down 0.2 percentage points from the previous month, indicating a decline in the employment sentiment of manufacturing enterprises.

The supplier delivery time index was 49.6%, up 0.3 percentage points from the previous month, and still below the critical point, indicating that the delivery time of raw material suppliers in the manufacturing industry continues to be extended.

II. Operation of China's Non-Manufacturing Purchasing Managers' Index

In August, the non-manufacturing business activity index was 50.3%, up 0.1 percentage points from the previous month, and the level of non-manufacturing sentiment rebounded slightly.

By industry, the index of business activity in the construction industry was 50.6%, down 0.6 percentage points from the previous month; the index of business activity in the service sector was 50.2%, up 0.2 percentage points from the previous month. From an industry perspective, the index of business activity in industries such as railway transportation, air transport, postal services, telecommunications, radio and television, and satellite transmission services, culture, sports and entertainment are all in a high boom range above 55.0%; the index of business activity in capital market services, real estate, and residential services is below the critical point.

The new orders index was 46.3%, up 0.6 percentage points from the previous month, indicating an improvement in demand in the non-manufacturing market. By industry, the index of new orders for the construction industry was 43.5%, up 3.4 percentage points from the previous month; the index of new orders for the service sector was 46.8%, up 0.1 percentage points from the previous month.

The input price index was 48.6%, down 1.8 percentage points from the previous month, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities has declined. By industry, the construction industry input price index was 47.6%, down 2.3 percentage points from the previous month; the service industry input price index was 48.8%, down 1.7 percentage points from the previous month.

The sales price index was 47.2%, down 1.0 percentage point from the previous month, indicating that the overall level of non-manufacturing sales prices continued to decline. By industry, the sales price index for the construction industry was 48.1%, down 1.2 percentage points from the previous month; the sales price index for the service industry was 47.1%, down 0.9 percentage points from the previous month.

The employee index was 45.2%, down 0.3 percentage points from the previous month, indicating a decline in the employment sentiment of non-manufacturing enterprises. By industry, the index of workers in the construction industry was 41.0%, up 0.8 percentage points from the previous month; the index of workers in the service sector was 45.9%, down 0.5 percentage points from the previous month.

The expected business activity index was 55.3%, down 0.8 percentage points from the previous month. It is still in a high boom range, indicating that non-manufacturing companies are optimistic about market development. By industry, the expected index of business activity in the construction industry was 54.7%, up 1.8 percentage points from the previous month; the expected index of business activity in the service sector was 55.4%, down 1.2 percentage points from the previous month.

III. Operation of China's Composite PMI Output Index

In August, the composite PMI output index was 50.1%, down 0.1 percentage points from the previous month. It continues to be in the expansion range, indicating that the overall production and operation activities of Chinese enterprises have maintained a slight expansion.

This article was edited by “National Bureau of Statistics”, Zhitong Finance Editor: Zhang Jinliang.