PMI 2022

1. Manufacturing Purchasing Managers Index

In December, the Purchasing Manager Index (PMI) of China's manufacturing industry was 47.0 percent, decrease 1.0 percentage points from the previous month, below the threshold, and the prosperity level of production and business of the manufacturing industry fell from last month.

In terms of enterprise size, the PMI of large, medium-sized and small enterprises was 48.3, 46.4 and 44.7 percent respectively, decrease 0.8, 1.7 and 0.9 percentage points from the previous month, all below the threshold;

From the sub-indexes, the five sub-indexes that constitute the manufacturing PMI were all lower than the threshold.

The production index was 44.6 percent, decrease 3.2 percentage points from the previous month, indicating that manufacturing production activities continued to fall.

The new order index was 43.9 percent, decrease 2.5 percentage points from the previous month, indicating that the market demand of the manufacturing industry continued to decline.

The raw material inventory index was 47.1 percent, increase 0.4 percentage point from the previous month, indicating that the inventory of major raw materials in the manufacturing industry was in narrowed decline.

The employment index was 44.8 percent, decrease 2.6 percentage point from the previous month, indicating a decline in the employment outlook of manufacturing enterprises.

The supplier delivery time index was 40.1 percent, decrease 6.6 percentage points from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry has slowed down.

2. Non-manufacturing Purchasing Managers index

In December, the non-manufacturing business activity index was 41.6 percent, decrease 5.1 percentage point from the previous month, below the threshold, and the prosperity level of the non-manufacturing industry fell.

By industry, the business activity index of the construction industry was 54.4 percent, decrease 1.0 percentage points from the previous month. The business activity index of the service industry was 39.4 percent, decrease 5.7 percentage points from the previous month.

From the perspective of the industry, the business activity index of air transport, telecommunications, radio and television and satellite transmission services and monetary and financial services was in the boom range of more than 52.0 percent; The business activity index of retailing, road transportation, accommodation, catering and resident services was lower than 35.0 percent.

The new order index was 39.1 percent, decrease 3.2 percentage points from the previous month, lower than the threshold, indicating a decline in non-manufacturing market demand.

By industry, the new order index of the construction industry was 48.8 percent, increase 1.9 percentage point from the previous month; the index of new orders in the service industry was 37.4 percent, decrease 4.0 percentage points from the previous month.

The input price index was 49.2 percent, decrease 0.7 percentage points from the previous month and lower than the threshold, indicating that the overall level of input prices used by non-manufacturing enterprises for business activities has decreased.

By industry, the construction industry input price index was 51.2 percent, increase 2.5 percentage points from the previous month; the price index of service industry inputs was 48.9 percent, decrease 1.2 percentage points from the previous month.

The sales price index was 47.5 percent, decrease 1.2 percentage points from the previous month, lower than the threshold, indicating that the overall non-manufacturing sales prices continued to decrease.

By industry, the sales price index of the construction industry was 50.0 percent, decrease 0.9 percentage point from the previous month; the sales price index of the service industry was 47.0 percent, decrease 1.3 percentage points from the previous month.

The employment index was 42.9 percent, decrease 2.6 percentage point from the previous month, indicating that the employment outlook of non-manufacturing enterprises fell.

In terms of industries, the construction industry employee index was 45.7 percent, decrease 1.4 percentage point from the previous month; the index of service industry employees was 42.4 percent, decrease 2.8 percentage points from the previous month.

3. Composite PMI Output Index

In December, the comprehensive PMI output index was 42.6 percent, decrease 4.5 percentage points from the previous month, lower than the threshold, indicating that the overall production and operation of Chinese enterprises have slowed down.