In May, non-manufacturing purchasing manager index was 54.3 percent, a decrease of 0.2 percentage point over the previous month.
In view of different industries, non-manufacturing purchasing manager index of service industry was 52.3 percent, down by 0.2 percentage point than that in the previous month. Of which, the indices of loading, unloading, portage and storage, retail trade, air transport, wholesale, renting and leasing activities and business services stayed above the threshold, and the total enterprise business increased; the indices of resident services and repair, ecological protection and environmental control, management of public facilities, post, accommodation, restaurants were below the threshold, and the total enterprise business decreased. Non-manufacturing purchasing manager index of construction industry achieved 62.2 percent, down by 0.2 percentage point over the previous month, continued to stay above the threshold.
New orders index stayed above the threshold. The new orders index was 50.1 percent, a decrease of 0.8 percentage point over the previous month, near the threshold. In view of different industries, the new orders index of service industry was 49.2 percent, below the threshold, and 0.6 percentage point lower over the previous month. Of which, the new orders indices of loading, unloading, portage and storage, Internet, software and information technology services, air transport, renting and leasing activities and business services, retail trade were above the threshold, and the market demands increased, while the new orders indices of resident services and repair, restaurants, transport via railway, transport via road were below the threshold, and the market demands decreased. The new orders index of construction industry was 53.4 percent, down by 1.6 percentage points over the previous month.
Intermediate input price index increased, reached 54.4 percent, up by 3.3 percentage points over last month, indicating that the rise amount of intermediate input price during the process of production and operation of non-manufacturing enterprises increased. In view of different industries, the intermediate input price index of service industry was 54.7 percent, up by 3.3 percentage points over the previous month, except for air transport, the intermediate input price indices of other industries were all above the threshold, of which, the indices of loading, unloading, portage and storage, Internet, software and information technology services, water transport were relatively high, and the operation costs of enterprises increased rapidly. The intermediate input price index of construction industry was 53.3 percent, an increase of 3.2 percentage points over the previous month.
The subscription price index went back above the threshold. This index was 50.7 percent, 3.1 percentage points higher over last month, which showing that the non-manufacturing subscription price increased. In view of different industries, the subscription price index of service industry was 50.5 percent, an increase of 3.8 percentage points over the previous month. Of which, the subscription price indices of renting and leasing activities and business services, retail trade, loading, unloading, portage and storage, Internet, software and information technology services were above the threshold, that of air transport, accommodation, resident services and repair were below the threshold. The subscription price index of construction industry was 51.5 percent, up by 0.6 percentage point over last month.
Business activities expectation index continued to stay in a high place. This index reached 62.9 percent, up by 0.4 percentage points over last month and still placed highly in the range, which indicating that the non-manufacturing enterprises maintained optimistic about the operating expectation in next three months. In view of different industries, the business activities expectation indices of air transport, construction of building, ecological protection and environmental control, management of public facilities positioned in a high place which above 70 percent, only that of resident services and repair stayed below the threshold.
China's Non-manufacturing PMI (Seasonally adjusted)
|
Non-manufacturing PMI |
New Orders Index |
Intermediate Input Price Index |
Subscription Price Index |
Business Activities Expectation Index |
|
|
|
|
|
|
|
|
|
2012-May |
55.2 |
52.5 |
53.6 |
48.5 |
65.4 |
|
June |
56.7 |
53.7 |
52.1 |
48.6 |
65.5 |
|
July |
55.6 |
53.2 |
49.7 |
48.7 |
63.9 |
|
August |
56.3 |
52.7 |
57.6 |
51.2 |
63.2 |
|
September |
53.7 |
51.8 |
57.5 |
51.3 |
60.9 |
|
October |
55.5 |
51.6 |
58.1 |
50.5 |
63.4 |
|
November |
55.6 |
53.2 |
52.5 |
48.4 |
64.6 |
|
December |
56.1 |
54.3 |
53.8 |
50.0 |
64.6 |
|
2013-January |
56.2 |
53.7 |
58.2 |
50.9 |
61.4 |
|
February |
54.5 |
51.8 |
56.2 |
51.1 |
62.7 |
|
March |
55.6 |
52.0 |
55.3 |
50.0 |
62.4 |
|
April |
54.5 |
50.9 |
51.1 |
47.6 |
62.5 |
|
May |
54.3 |
50.1 |
54.4 |
50.7 |
62.9 |
Annotations:
1. Explanatory Notes
China non-manufacturing purchasing manager index system constituted by 10 sub-indices, they are business activity index, new orders index, new export orders index in hand orders index, stock index, intermediate input price index, subscription price index, employment index, supplier delivery time index, and business activities expectation index. Due to the lack of synthesis of non-manufacturing integrated PMI index, the international society often used business activity index to reflect the overall changes in non-manufacturing economic development, A PMI reading above 50 percent indicates expansion from the previous month, while below indicates contraction.
2. Statistical Coverage
The survey involves 27 manufacturing industry categories in the “Industrial Classification for National Economic Activities" (GB/T4754-2011), and was conducted in 1200 sampling enterprises of the non-manufacturing sector countrywide.
3. Survey Methods
Non-manufacturing purchasing managers’ survey was conducted in PPS ( Probability Proportional to Size) sampling method, using the manufacturing sectors as the selecting layers, distribution of sample size was according to their value-added accounted for the proportion of total manufacturing value-added, and samples within layers and the main business revenue of the enterprises were selected by the PPS.
The survey was organized and conducted by staff members of survey offices, monthly through Online Reporting System of NBS by sending survey questionnaires to the purchasing managers of the selected enterprises.
4. Calculation Methods
Non-manufacturing purchasing managers survey involves 10 questions on production, new orders (business required), export, existing orders, finished goods inventory, intermediate input price, subscription price, employees, suppliers delivery time, and business activities expectation. Diffusion index was calculated on each question, i.e. percentage of positive answers in number of enterprises plus half of the percentage in the same answers.
5. Seasonal Adjustment Note
The purchasing manager’s survey is a monthly survey, great fluctuations of data which affected by seasonal factors. At present, time series of China's non-manufacturing PMI have met the technical requirements of the seasonally adjustment, and the sub-indices of non-manufacturing PMI data on seasonally adjusted will be released since March 2012.