On November 30, the National Bureau of Statistics announced that the seasonally adjusted PMI of China's manufacturing industry in November was 50.1%, up 0.9 percentage points from October, returning to the expansion range of more than 50%. From the perspective of each sub index, each constituent index shows an overall upward trend. Among them, the production index in November was 52.0%, up 3.6 percentage points from October, with the most outstanding performance.
In terms of demand, new orders in November were 49.4%, up 0.6 percentage points from October; New export orders in November were 48.5%, up 1.9 percentage points from October. From the import index representing domestic demand, it was 48.1% in November, up 0.6 percentage points from October. Although the index representing demand has rebounded, it is in the contraction range of less than 50%.
In November, PMI sub indexes showed that the supply and demand began to pick up, but the supply picked up more strongly and has returned to the expansion range, while the demand is still in the contraction range, so the supply-demand relationship of the manufacturing industry has been improved. From the perspective of inventory, the inventory index of finished products in November was 47.9%, up 1.6 percentage points from October; The raw material inventory index in November was 47.7%, up 0.7 percentage points from October.
From the PMI price index, the ex factory price index in November was 48.9%, down 12.2 percentage points from October; The purchase price of main raw materials was 52.9%, down 19.2 percentage points from October. In November, the PMI price index fell sharply, and the ex factory price fell directly to the contraction range, indicating that the PPI price will also fall sharply in November, and the inflationary pressure will be relieved.
In November, the PMI index of non manufacturing industry was 52.3%, which was 0.1 percentage point lower than that in October, but it was still higher than the critical point of 50%, and the non manufacturing industry continued to expand. Among them, the service industry was 51.1%, down 0.5 percentage points from October; The construction industry was 59.1%, up 2.2 percentage points compared with October. In November, the comprehensive PMI output index was 52.2%, up 1.4 percentage points from October, indicating that the overall expansion of production and operation activities of Chinese enterprises has accelerated.
