In June 2019, China'S Manufacturing Purchasing Managers Index (PMI) Was 49.4%.

1. Operation of purchasing managers index of China's manufacturing industry

In June 2019, China's Manufacturing Purchasing Managers Index (PMI) was 49.4%, unchanged from last month.

From the scale of enterprises, the PMI of large enterprises is 49.9%, down 0.4 percentage points from last month, slightly below the critical point; the PMI of small and medium enterprises is 49.1% and 48.3%, respectively, up 0.3 and 0.5 percentage points respectively from the previous month, below the critical point.

According to the classification index, production index and supplier delivery time index are higher than the critical point in the 5 classification indices of manufacturing PMI. The new order index, raw material inventory index and employment index are below the critical point.

Production index was 51.3%, down 0.4 percentage points from last month, above the critical point, indicating that manufacturing production continued to grow and slowed down.

The new order index was 49.6%, down 0.2 percentage points from last month, below the critical point, indicating a reduction in the volume of orders for manufacturing products.

The stock index of raw materials was 48.2%, up 0.8 percentage points from last month, which is below the critical point, indicating that the main raw material inventory of manufacturing industry continues to narrow.

The index of employees is 46.9%, down 0.1 percentage points from last month, which is below the critical point, indicating that manufacturing enterprises have reduced their employment outlook.

The supplier delivery time index was 50.2%, although it dropped 0.7 percentage points from last month, but above the critical point, it shows that the delivery time of manufacturing material suppliers is faster than last month.

Two. Operation of China's non Manufacturing Purchasing Managers Index

In June 2019, China's non manufacturing business activity index was 54.2%, a slight drop of 0.1 percentage points from last month, and continued to expand in the expansion area.

According to the industry, the business activity index of the service sector was 53.4%, down 0.1 percentage points from last month, and the service industry continued to expand steadily. In terms of industry, the business activity index of railway transportation industry, air transport industry, telecommunications broadcasting and television satellite transmission service, monetary and financial services and insurance industries is located in the higher economic zone with a total growth rate of 59% and above, and the total business volume has increased rapidly; the business activity index of road transport, accommodation, catering and residential services and repair industries is below the critical point, and the total business volume has dropped. The construction business activity index was 58.7%, up 0.1 percentage points from last month, and continued to be located in the higher boom area, and the construction industry production activity was slightly accelerated.

The new order index was 51.5%, an increase of 1.2 percentage points from last month, which is higher than the critical point, indicating that the demand for non manufacturing market continues to grow, and the growth rate has accelerated. According to the industry, the new order index of the service sector was 50.7%, an increase of 0.7 percentage points from last month, and the construction industry new orders index was 56%, up 3.9 percentage points from last month.

The price index of input products was 51.5%, down 0.7 percentage points from last month, which is above the critical point, indicating that the overall level of input prices of non manufacturing enterprises for business activities has narrowed. According to the industry, the price index of the service industry input is 51.1%, down 0.6 percentage points from last month, and the construction industry input price index is 53.9%, down 1.2 percentage points from last month.

The sales price index was 49.7%, down 0.2 percentage points from last month, below the critical point, indicating that the overall level of non manufacturing sales prices has dropped. According to the industry, the sales price index of the service sector was 49.1%, down 0.4 percentage points from last month, and the construction industry sales price index was 52.8%, up 0.2 percentage points from last month.

The employment index is 48.2%, down 0.1 percentage points from last month, which is below the critical point, indicating that the degree of employment in non manufacturing enterprises has dropped slightly. According to the industry, the index of service industry employees was 47.9%, unchanged from last month, and the construction industry employment index was 50.4%, down 0.2 percentage points from last month.

The business activity expectation index is 60.6%, up 0.4 percentage points from last month, and continues to be located in the high business section, indicating that the non manufacturing enterprises are more optimistic about the recent market development. According to the industry, the service sector business activity index is 60.3%, an increase of 0.8 percentage points from last month, and the construction industry activity activity index is 62.6%, down 1.5 percentage points from last month.

Three. Operation of China's comprehensive PMI output index

In June 2019, the composite PMI output index was 53%, down 0.3 percentage points from last month, indicating that the production and operation activities of Chinese enterprises have been expanding, but the pace has slowed down.