Yingda macro review (issue 13, total issue 97, 2022): Comments on PMI data in March - PMI of manufacturing and non manufacturing industries in March is far weaker than seasonal, and the probability is to increase the efforts to "promote stable employment growth"

March manufacturing pmi49 50, expected value 49.90, former value 50.20; March non manufacturing pmi48 40, expected value 50.30, former value 51.60; March comprehensive pmi48 80, former value 51.20. Our comments are as follows:

I. in March, both manufacturing PMI and non manufacturing PMI fell below the boom and bust line, and both were far weaker than seasonality;

2. China's demand is deteriorating, while foreign demand is facing price support;

III. The production in March is far weaker than the seasonality, and the probability of continuing to decline from April to September is low;

IV. the PPI in March was higher than that in February, but the year-on-year probability of PPI in March was lower than that in February;

The central government strengthened the investigation on the "stable growth rate" of 50.5% in May.