Manufacturing PMI was 49.6% in November, and corporate procurement activities slowed down again.
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From the classification index, among the five sub-indices that constitute the manufacturing PMI, the production index and the supplier delivery time index continue to be above the critical point, and the new order index, the employee index and the raw material inventory index are below the critical point.
The production index was 51.9%, a slight drop of 0.3 percentage points from the previous month and continued to be above the critical point, indicating that manufacturing production maintained growth, but the growth rate slowed down.
The new order index was 49.8%, down 0.5 percentage points from the previous month and falling below the critical point, indicating that demand in the manufacturing market has fallen.
The employee index was 47.6%, which was 0.2 percentage points lower than the previous month and continued to be below the critical point, indicating that the manufacturing industry's employment was reduced.
The raw material inventory index was 47.1%, a slight decrease of 0.1 percentage points from the previous month, and was continuously below the critical point, indicating that the procurement activities of manufacturing enterprises are still not active, and the inventory of major raw materials has decreased.
The supplier's delivery time index was 50.6%, which was above the critical point, indicating that the manufacturing raw material suppliers' delivery time was accelerating. 
The Purchasing Managers' Index (PMI) is an index compiled from the monthly survey results of the company's purchasing managers. It covers all aspects of enterprise procurement, production, and circulation. It is the first international monitoring of macroeconomic trends. One of the sex indexes has a strong predictive and early warning effect. PMI usually takes 50% as the cut-off point of economic strength. When PMI is higher than 50%, it reflects the expansion of manufacturing economy; below 50%, it reflects the contraction of manufacturing economy.
2. Scope of investigation
It covers 31 major industries in the manufacturing sector of the National Economic Industry Classification (GB/T4754-2011). Since January 2013, the survey sample has expanded from 820 to 3,000.
3. Survey method
The manufacturing purchasing manager survey adopts the PPS (Probability Proportional to Size) sampling method, which is based on the major categories of the manufacturing industry. The sample size of the industry is allocated according to the added value of the added value of the manufacturing industry. The sample use in the layer and the main business of the enterprise. The probability of business income is proportional to the extraction.
The survey was organized and implemented by the investigation team directly under the National Bureau of Statistics. The national statistical network direct reporting system was used to conduct a monthly questionnaire survey on the enterprise procurement manager.
4. Calculation method
The manufacturing purchasing manager questionnaire covers production volume, new orders, export orders, existing orders, finished goods inventory, purchase volume, imports, purchase prices, raw material inventory, employees, supplier delivery time, production and operation activities, etc. 12 Questions. The diffusion index is calculated separately for each question, which is the percentage of the number of companies that are responding positively plus half of the percentage of the answer.
PMI is a composite index calculated by weighting five diffusion indices (category indices). The five sub-indices and their weights are based on their prior impact on the economy. Specifically, it includes: new order index, weight is 30%; production index, weight is 25%; employee index, weight is 20%; supplier delivery time index, weight is 15%; raw material inventory index, weight It is 10%. Among them, the supplier delivery time index is the inverse index, and the reverse operation is performed when synthesizing the PMI composite index.
5. Seasonal adjustment
The Purchasing Manager Survey is a monthly survey that is subject to seasonal fluctuations and data fluctuations. The PMI composite index and each sub-index released today are seasonally adjusted data.
Recommended reading: Statistics Bureau interprets PMI decline: corporate procurement activities have slowed down
On December 1, 2015, the National Bureau of Statistics Service Industry Research Center and the China Federation of Logistics and Purchasing released the China Manufacturing and Non-Manufacturing Purchasing Managers Index. In this regard, Zhao Qinghe, senior statistician of the Service Industry Research Center of the National Bureau of Statistics, explained.
First, the manufacturing purchasing managers index fell slightly
In November, the manufacturing PMI was 49.6%, a slight decrease of 0.2 percentage points from the previous month. The main reasons are as follows: First, due to the sluggish demand from domestic and foreign markets and the off-season production, the power of production expansion has weakened. The production index was 51.9%, down 0.3 percentage points from the previous month. The new order index was 49.8%, down 0.5 percentage points from the previous month, of which the new export order index was 46.4%, down 1.0 percentage point from the previous month. Second, the recent commodity prices continued to fluctuate at a low level, and the prices of major raw materials purchased continued to fall. The purchase price index of major raw materials was 41.1%, down 3.3 percentage points from the previous month, the lowest point of the year. Third, in the face of the downward pressure on the economy, corporate procurement activities have slowed down and there is insufficient willingness to replenish stocks. The purchase volume index was 48.3%, down 0.5 percentage points from the previous month. The raw material inventory index was 47.1%, down 0.1 percentage point from the previous month and continued to fall.
At the same time, structural adjustment continues to advance. In November, the PMI of high-tech manufacturing, equipment manufacturing and consumer goods manufacturing were 53.1%, 51.6% and 53.4%, respectively, and continued to expand. The PMI of computer communication electronic equipment manufacturing, pharmaceutical manufacturing, automobile manufacturing, food and wine and refined tea manufacturing industries is obviously higher than the overall level of manufacturing, and continues to maintain a good development trend.
In terms of the size of enterprises, the PMI of large enterprises was 51.2%, up 0.2 percentage points from the previous month, and showed a stable trend in the expansion range; the PMI of small and medium-sized enterprises was 48.3% and 44.8%, respectively, down 0.4 and 1.8 percentage points from the previous month. Continue to be below the critical point, in the contraction interval, the difficulties and problems in the production and operation of small and medium-sized enterprises in manufacturing are still outstanding.
Second, the non-manufacturing business activity index rose
In November 2015, China's non-manufacturing business activity index was 53.6%, up 0.5 percentage points from the previous month, indicating that non-manufacturing industries continue to maintain their economic expansion and their role in stabilizing economic growth is growing.
In terms of industries, the service industry business activity index was 52.8%, up 0.5 percentage points from the previous month, and the growth rate has accelerated. Affected by factors such as “Double Eleven†promotion activities, the logistics industry such as postal express delivery, warehousing and distribution accelerated, and the business volume grew rapidly. The index of business activities in the wholesale and retail, telecommunications Internet software, banking, securities, insurance and residential services industries was significantly higher than the critical point, showing a strong expansion. At the same time, the service industry's new order index was 50.3%, up 1.4 percentage points from the previous month and rising above the critical point, indicating an increase in demand in the service industry. However, we must also see that due to the early release of consumer spending on National Day holiday, the index of business activities in accommodation, tourism, road transport, air transport and other industries has declined this month.
The index of business activity in the construction industry was 58.1%, up 1.0 percentage point from the previous month and rebounded for two consecutive months. In the past two months, in order to overcome the adverse effects of winter construction, the civil engineering construction industry, construction, installation and decoration industries and other industries have accelerated the construction progress, and the growth rate of business volume has continued to accelerate.
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