In February, the manufacturing purchasing managers' index (PMI) was 49.1%, down 0.1 percentage points from the previous month. From the perspective of enterprise size, the PMI of large enterprises was 50.4%, the same as last month, higher than the critical point; The PMI of medium-sized enterprises was 49.1%, up 0.2 percentage points from the previous month, lower than the critical point; Small business PMI was 46.4%, down 0.8 percentage points from the previous month, below the critical point. From the perspective of the sub-index, in the five sub-indexes that constitute the manufacturing PMI, the production index, the new order index, the raw material inventory index, the employment index and the supplier distribution time index are all below the critical point. The production index was 49.8 percent, down 1.5 percentage points from the previous month, indicating a slowdown in manufacturing activity. The new orders index was 49.0%, unchanged from the previous month and still below the critical point, indicating that demand in the manufacturing market has declined from the previous month. The raw material inventory index was 47.4%, down 0.2 percentage points from the previous month, indicating that the inventory of major raw materials in the manufacturing industry continued to decrease. The employment index was 47.5%, down 0.1 percentage points from the previous month, indicating a slight decline in the employment prosperity of manufacturing enterprises. The supplier delivery time index was 48.8%, down 2.0 percentage points from the previous month, indicating that the delivery time of manufacturing raw material suppliers was extended from the previous month.
In February, the non-manufacturing business activity index was 51.4%, up 0.7 percentage points from the previous month, higher than the critical point, indicating that the pace of expansion of the non-manufacturing industry continued to accelerate. By industry, the construction business activity index was 53.5%, down 0.4 percentage points from the previous month; The business activity index for the service sector was 51.0%, up 0.9 percentage points from the previous month. From the perspective of industry, the business activity index of road transport, air transport, catering, monetary and financial services, ecological protection and public facilities management, and culture, sports and entertainment industries are all in the higher prosperity range of 55.0% or more; The business activity index of real estate, residential services and other industries continued to fall below the critical point. The new orders index was 46.8%, down 0.8 percentage points from the previous month, indicating that non-manufacturing market demand continued to fall. By industry, the new orders index of the construction industry was 47.3%, up 0.6 percentage points from the previous month; The new orders index for the service sector was 46.7%, down 1.0 percentage points from the previous month. The input price index was 50.6%, up 1.0 percentage points from the previous month, higher than the critical point, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities has rebounded. By industry, the construction input price index was 52.0%, unchanged from the previous month; The service sector input price index was 50.4%, up 1.2 percentage points from the previous month.
The sales price index was 48.5%, down 0.4 percentage points from the previous month, indicating that the overall level of non-manufacturing sales prices has declined. By industry, the construction industry sales price index was 48.9%, down 1.5 percentage points from the previous month; The service industry sales price index was 48.4 percent, down 0.3 percentage points from the previous month. The employment index was 47.0%, unchanged from the previous month and still below the critical point, indicating that the employment prosperity of non-manufacturing enterprises was similar to that of the previous month. By industry, the construction industry employment index was 47.6%, down 2.5 percentage points from the previous month; The service sector employment index was 46.9 percent, up 0.5 percentage points from the previous month. The business activity expectation index was 57.7%, down 2.0 percentage points from the previous month, still located in the higher boom range, indicating that non-manufacturing enterprises continue to be optimistic about the recent market development. By industry, the expected business activity index of the construction industry was 55.7%, down 6.2 percentage points from the previous month; The service sector business activity expectation index was 58.1%, down 1.2 percentage points from the previous month.
China's composite PMI output index in February, the composite PMI output index was 50.9%, unchanged from the previous month, higher than the critical point, indicating that the overall production and business activities of China's enterprises continued to expand.
