The non-manufacturing business activity index expanded faster in February, according to the National Bureau of Statistics
On March 1, 2024, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers Index. In this regard, Zhao Qinghe, senior statistician of the National Bureau of Statistics Service Industry Survey Center, interpreted it.
In February, the manufacturing purchasing managers index was 49.1%, down 0.1 percentage points from the previous month; the non-manufacturing business activity index was 51.4%, up 0.7 percentage points from the previous month; the composite PMI output index was 50.9%, the same as the previous month, and China's economy continued to expand overall.
The manufacturing purchasing managers index fell slightly
In February, due to the Spring Festival holiday factors, the manufacturing industry was in the traditional production off-season. In addition, after the smooth transition of epidemic prevention and control, more employees returned home during the holidays, and the production and operation of enterprises were greatly affected. The overall market activity of the manufacturing industry declined, and the manufacturing PMI fell slightly by 0.1 percentage points from the previous month.
(I) The production and demand index fell and the other remained unchanged. The production index was 49.8%, down 1.5 percentage points from the previous month, and the production activities of enterprises slowed down; the new order index was 49.0%, the same as the previous month. From the perspective of industry, the two indexes of food and beverage refined tea, medicine, non-ferrous metal smelting and rolling processing, electrical machinery and equipment industries have been above the critical point for two consecutive months; the two indexes of chemical fiber and rubber and plastic products, ferrous metal smelting and rolling processing industries are below the critical point.
(II) The PMI of large enterprises continued to be above the critical point. The PMI of large enterprises was 50.4%, the same as the previous month, and continued to be in the expansion range. Among them, the production index and new order index remained above the critical point for 10 consecutive months; the PMI of medium-sized enterprises was 49.1%, up 0.2 percentage points from the previous month; small enterprises were more significantly affected by the Spring Festival holiday, and the PMI this month was 46.4%, down 0.8 percentage points from the previous month, and production and operation activities slowed down.
(III) High-tech manufacturing maintained expansion. The PMI of high-tech manufacturing industry was 50.8%, down 0.3 percentage points from the previous month, and remained in the expansion range for 4 consecutive months, and the industry continued to grow; the PMI of equipment manufacturing industry and consumer goods industry were 49.5% and 50.0% respectively, down 0.6 and 0.1 percentage points from the previous month, and the prosperity level declined; the PMI of high-energy-consuming industry was 47.9%, up 0.3 percentage points from the previous month, and the prosperity level rebounded from a low level.
(IV) Enterprise expectations are stable. The production and operation activity expectation index was 54.2%, up 0.2 percentage points from the previous month, indicating that enterprises have increased confidence in the development of the market after the Spring Festival. From the perspective of industry, the production and operation activity expectation index of wood processing and furniture, automobiles, railway, ship, aerospace equipment, electrical machinery and equipment and other industries are all in the high prosperity range above 58.0%, and enterprises have strong confidence in the development of the industry.
Non-manufacturing business activity index expansion accelerated
In February, the non-manufacturing business activity index was 51.4%, up 0.7 percentage points from the previous month, and the pace of non-manufacturing expansion continued to accelerate.
(I) The service industry is booming. The business activity index of the service industry was 51.0%, up 0.9 percentage points from the previous month, and the expansion of the service industry has increased. From the perspective of industry, driven by factors such as the Spring Festival holiday, the production and operation of industries closely related to holiday travel and consumption are relatively active, among which the business activity index of retail, railway transportation, road transportation, catering, ecological protection and public facilities management is above 53.0%; the business activity index of aviation transportation, monetary financial services, culture, sports and entertainment is above 60.0% and the total business volume is growing rapidly. At the same time, the business activity index of industries such as real estate and resident services continued to be below the critical point, and the prosperity level was low. From the perspective of market expectations, the business activity expectation index was 58.1%, down 1.2 percentage points from the previous month, and continued to be in a relatively high prosperity range, indicating that most service industry companies continue to be optimistic about the recent market development.
(II) The construction industry continued to expand. Affected by the Spring Festival holiday and low temperature, rain and snow, the business activity index of the construction industry was 53.5%, down 0.4 percentage points from the previous month, still in the expansion range, and the overall construction industry continued to grow. From the perspective of market expectations, the business activity expectation index was 55.7%, continuing to be in a relatively high prosperity range, indicating that construction companies remain optimistic about the future development of the industry.
ComprehensivePMIOutput Index Stably Expanded
In February, the composite PMI output index was 50.9%, the same as the previous month, indicating that the overall production and operation activities of Chinese companies continued to expand. The manufacturing production index and non-manufacturing business activity index that constitute the composite PMI output index were 49.8% and 51.4% respectively.
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