Purchasing Managers Index for April 2020
May 09, 2020 ｜ by zhaoxh
In April, China’s pandemic prevention and control further consolidated the good situation, the order of production and life accelerated recovery, and manufacturing and non-manufacturing production and operation activities continued to improve. The manufacturing PMI was 50.8 percent, 1.2 percentage points lower than last month; the non-manufacturing business activity index was 53.2 percent, 0.9 percentage point higher than last month; the comprehensive PMI output index was 53.4 percent, 0.4 percentage point higher than last month.
1. Manufacturing PMI
In April 2020, China’s manufacturing PMI was 50.8 percent, down by 1.2 percentage points from last month.
In terms of enterprise scale, the PMI of large and medium was 51.1 and 50.2 percent respectively, fell 1.5 and 1.3 percentage points over last month; that of small enterprises was 51.0 percent, 0.1 percentage point higher than that of last month.
According to the classification index, the five sub-indices composing PMI, the production index, new orders index, employment index and supplier distribution time index were all above the threshold, while main raw materials inventory index stayed below the threshold.
Production index was 53.7 percent, down by 0.4 percentage point from last month but still above 50.0 percent, indicating that the manufacturing production continually increased month on month.
New orders index was 50.2 percent, down by 1.8 percentage points from last month, indicating that the growth rate of manufacturing market demand narrowed on a month-on-month basis.
Main raw materials inventory index was 48.2 percent, lower 0.8 percentage point than last month, indicating that the pace of decline of main raw material inventory in manufacturing industry had enlarged.
The employment index was 50.2 percent, dropped by 0.7 percentage point than last month but still higher than the threshold, indicating that the number of manufacturing enterprises returning to work had increased continually.
Supplier distribution time index was 50.1 percent, rose by 1.9 percentage points than last month, indicating that the delivery time of raw material suppliers in manufacturing industry was faster than last month.
2. Non-manufacturing PMI
In April 2020, China’s non-manufacturing business activities index was 53.2 percent, up by 0.9 percentage point than the previous month.
In terms of different industry, the construction business activity index was 59.7 percent, up by 4.6 percentage points from last month. The service business activity index was 52.1 percent, up by 0.3 percentage point from last month. From the perspective of industry categories, the business activity index of retail industry, catering industry, information transmission software, and information technology service was more than 55.0 percent, while that of accommodation industry, culture, sports and entertainment industry, and residential service industry was less than 45.0 percent.
The new orders index was 52.1 percent, up by 2.9 percentage points from the previous month, indicating that the market demands in non-manufacturing industry had recovered. In terms of different industry, the new order index of construction industry was 53.2 percent, up by 4.8 percentage points over last month; that of service industry was 51.9 percent, rose by 2.6 percentage points from last month.
The input price index was 49.0 percent, 0.4 percentage point lower than that of last month and still stayed below the threshold, indicating that the overall input price used by non-manufacturing enterprises for business activities was continually decreasing. In terms of different industry, the construction industry input price index was 49.3 percent, 3.2 percentage points lower than last month; the service industry input price index was 48.9 percent, unchanged over last month.
The sales price index was 45.4 percent, down by 0.7 percentage point from last month, indicating that the overall decline of sales price of non-manufacturing industry had enlarged. By industry, the sales price index of construction industry was 50.2 percent, down by 2.3 percentage points from last month; the sales price index of service industry was 44.6 percent, down by 0.3 percentage point from last month.
The employment index was 48.6 percent, up by 0.9 percentage point from the previous month. In terms of industry, the employment index of construction industry was 57.1 percent, up by 4.0 percentage points from last month; that of service industry was 47.1 percent, rose by 0.4 percentage point from last month.
Business activities expectation index was 60.1 percent, higher 2.8 percentage points than last month, indicating that the confidence of non-manufacturing enterprises in recent market development had recovered. In terms of industry, the business activities expectation index in construction industry was 65.4 percent, 5.5 percentage points higher than last month; that of service industry was 59.2 percent, 2.4 percentage points higher than last month.
3. Composite PMI output index
In April 2020, the comprehensive PMI output index was 53.4 percent, 0.4 percentage point higher than that of last month, indicating that the production and operation activities of Chinese enterprises had continued recovery.
Source: National Bureau of Statistics of China
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