National Bureau of Statistics: The Purchasing Managers' Index (PMI) for the manufacturing sector in February was 49.1%, a decrease of 0.1 percentage points compared to the previous month.

On March 1st, the National Bureau of Statistics released the operating conditions of the China Purchasing Managers' Index (PMI) for February 2024. The data shows that in February, the manufacturing PMI was 49.1%, a decrease of 0.1 percentage points from the previous month. By enterprise size, the PMI for large enterprises was 50.4%, unchanged from the previous month, above the critical point; the PMI for medium-sized enterprises was 49.1%, an increase of 0.2 percentage points from the previous month, below the critical point; and the PMI for small enterprises was 46.4%, a decrease of 0.8 percentage points from the previous month, also below the critical point. Original text: Operating Conditions of the China Purchasing Managers' Index (PMI) for February 2024 I. Operating Conditions of the Manufacturing Purchasing Managers' Index (PMI) in China In February, the manufacturing PMI was 49.1%, a decrease of 0.1 percentage points from the previous month. By enterprise size, the PMI for large enterprises was 50.4%, unchanged from the previous month, above the critical point; the PMI for medium-sized enterprises was 49.1%, an increase of 0.2 percentage points from the previous month, below the critical point; and the PMI for small enterprises was 46.4%, a decrease of 0.8 percentage points from the previous month, below the critical point. In terms of the sub-indices that make up the manufacturing PMI, the Production Index, New Orders Index, Raw Materials Inventory Index, Employment Index, and Supplier Delivery Time Index were all below the critical point. The Production Index was 49.8%, a decrease of 1.5 percentage points from the previous month, indicating a slowdown in manufacturing production activities. The New Orders Index was 49.0%, unchanged from the previous month, still below the critical point, indicating a decrease in market demand for manufacturing compared to the previous month. The Raw Materials Inventory Index was 47.4%, a decrease of 0.2 percentage points from the previous month, indicating a continued reduction in the inventory of major raw materials in manufacturing. The Employment Index was 47.5%, a decrease of 0.1 percentage points from the previous month, indicating a slight decline in the labor trend in manufacturing enterprises. The Supplier Delivery Time Index was 48.8%, a decrease of 2.0 percentage points from the previous month, indicating an extension in delivery times from raw material suppliers for manufacturing compared to the previous month. II. Operating Conditions of the Non-Manufacturing Purchasing Managers' Index (PMI) in China In February, the business activity index for non-manufacturing was 51.4%, an increase of 0.7 percentage points from the previous month, above the critical point, indicating a continued acceleration in the expansion pace of non-manufacturing. By industry, the business activity index for the construction industry was 53.5%, a decrease of 0.4 percentage points from the previous month; the business activity index for the service industry was 51.0%, an increase of 0.9 percentage points from the previous month. In terms of industries, business activity indices for road transport, air transport, catering, monetary and financial services, eco-protection and public facilities management, and cultural sports and entertainment industries were all above 55.0%, indicating a high level of business activity in those industries; whereas the business activity indices for real estate and household services remained below the critical point. The New Orders Index was 46.8%, a decrease of 0.8 percentage points from the previous month, indicating a further decline in market demand for non-manufacturing. By industry, the new orders index for the construction industry was 47.3%, an increase of 0.6 percentage points from the previous month; the new orders index for the service industry was 46.7%, a decrease of 1.0 percentage points from the previous month. The Input Price Index was 50.6%, an increase of 1.0 percentage points from the previous month, above the critical point, indicating a general increase in the price level of input materials used by non-manufacturing enterprises for operational activities. By industry, the input price index for the construction industry was 52.0%, unchanged from the previous month; the input price index for the service industry was 50.4%, an increase of 1.2 percentage points from the previous month. The Sales Price Index was 48.5%, a decrease of 0.4 percentage points from the previous month, indicating a general decrease in the sales price level for non-manufacturing. By industry, the sales price index for the construction industry was 48.9%, a decrease of 1.5 percentage points from the previous month; the sales price index for the service industry was 48.4%, a decrease of 0.3 percentage points from the previous month. The Employment Index was 47.0%, unchanged from the previous month, still below the critical point, indicating a similar level of labor trend in non-manufacturing enterprises compared to the previous month. By industry, the employment index for the construction industry was 47.6%, a decrease of 2.5 percentage points from the previous month; the employment index for the service industry was 46.9%, an increase of 0.5 percentage points from the previous month. The Business Activity Expectations Index was 57.7%, a decrease of 2.0 percentage points from the previous month, still in a relatively high business activity range, indicating a positive outlook for market developments in the near future for non-manufacturing enterprises. By industry, the business activity expectations index for the construction industry was 55.7%, a decrease of 6.2 percentage points from the previous month; the business activity expectations index for the service industry was 58.1%, a decrease of 1.2 percentage points from the previous month. III. Operating Conditions of the Comprehensive PMI Output Index in China In February, the comprehensive PMI output index was 50.9%, unchanged from the previous month, above the critical point, indicating a continued expansion of overall business activities in China. This article is adapted from the "National Bureau of Statistics official website," GMTEight Editor: Yan Wencai.