Continuous expansion trend of PMI in both manufacturing and non-manufacturing industries in April

On April 30, the Service Industry Survey Center of the National Bureau of Statistics and the China Logistics and Purchasing Federation released the China Purchasing Manager Index. In April, the manufacturing PMI was 50.1%, above the critical point for two consecutive months; the non-manufacturing business activity index was 54.3%, and was in a higher expansion range of 54.0% for four consecutive months.



Experts say that although manufacturing PMI has fallen somewhat, it is still in the expansion range, while non-manufacturing PMI continues to be in the higher expansion range of 54.0%. At present, we should implement the established policies and measures, adhere to the counter-cyclical adjustment of macro-policies, focus on expanding domestic demand, and constantly consolidate economic stability to a better situation.



Manufacturing PMI is in the expansion range < br />.


In April, manufacturing PMI was 50.1%, down 0.4 percentage points from last month, but it was above the critical point for two consecutive months and the second highest since November 2018.



From 13 sub-indexes, compared with last month, the new export order index, import index and ex-factory price index all increased, with an increase of 0.6 to 2.1 percentage points; production index, new order index, backlog order index, inventory index of finished products, purchase volume index, purchase price index, raw material inventory index, employee index, supplier distribution time. The inter-index and the expected index of production and operation activities all declined, with the index falling between 0.1 and 2.4 percentage points.



& LDquo; From the sub-index point of view, the growth rate of market supply and demand declined slightly, but still at a relatively good level, external demand tends to improve, enterprise procurement continues to expand, and market price structure optimization. & rdquo; said Wen Tao, an expert of China Logistics Information Center.



Zhao Qinghe, Senior Statistician of the Service Industry Survey Center of the National Bureau of Statistics, said that in April, the production and demand of manufacturing industry expanded steadily, with the production index and the new order index of 52.1% and 51.4%, respectively. Although they fell 0.6 and 0.2 percentage points from the previous month, they were still higher than the quarterly average of 1.1 and 0.8 percentage points, both of which were at a high level in the past seven months, and the market demand continued to release and pull forward. Production grew steadily.



According to the price index, the purchasing price index of the main raw materials in manufacturing industry was 53.1% in April, a small drop of 0.4 percentage points compared with the previous month; the ex-factory price index rose to 52.0%, higher than the 0.6 percentage point last month, a six-month high. The difference between the two price indices narrowed for two consecutive months, indicating that the profit margin of enterprises in related industries has improved.



Non-manufacturing industry remained stable and better overall



In April, the non-manufacturing business activity index was 54.3%, down 0.5 percentage points from last month, but still in a higher expansion range of 54.0%, indicating that the overall growth of non-manufacturing industry remained stable and good.



Among the individual indices constituting PMI for non-manufacturing industries, the input price index rose by 0.5 percentage points; the distribution index for practitioners and suppliers remained flat; the index for new orders, new export orders, hand orders, inventory, sales prices and business activities decreased by 0.5 to 1.7 percentage points.



According to Zhao Qinghe's analysis, the index of business activities in service industry was 53.3% in April, down 0.3 percentage points from last month, but it still maintained a relatively rapid growth and overall maintained a steady expansion.



Cai Jin, vice president of China Federation of Logistics and Purchasing, said that although the business activity index fell by 0.5 percentage points in April, it remained above 54% for four consecutive months, indicating that the non-manufacturing industry continued to grow strongly.



Continue to consolidate economic stabilization to a good trend



Although the growth rate of supply and demand in manufacturing industry declined slightly in April, the economy remained expanding, and both external demand and market prices changed positively. From the perspective of comprehensive PMI, in April, the output index of comprehensive PMI was 53.4%, down 0.6 percentage points from last month. The production and operation activities of enterprises in China maintained an overall expansion, but the pace slowed down.



Wen Tao said that the foundation of the current stable and good economic operation still needs to be consolidated. There are two points worth noting: first, the employee index is weak, which is below 48% for four consecutive months; second, the PMI of equipment manufacturing industry has slightly fallen, while the growth rate of production and operation activities of large and medium-sized enterprises has slowed down, and the index has fallen. Zhang Liqun, a researcher at the Development Research Center of the State Council, said that at present, the established policies and measures should be implemented to expand domestic demand and consolidate economic stability.