China's Non-manufacturing PMI was 54.8 Percent in November

National Bureau of Statistics of China 2017-12-01 15:02 Print| Large| Medium| Small

Department of Service Statistics of NBS

China Federation of Logistics and Purchasing (CFLP)

In November 2017, China's non-manufacturing purchasing manager index was 54.8 percent, an increase of 0.5 percentage points from the previous month, and continued to be in the expansion range. The non-manufacturing industry kept steady and fast growth momentum, and the growth rate rose.

In view of different industries, non-manufacturing purchasing manager index of service industry was 53.6 percent, a slight increase of 0.1 percentage point from the previous month, and staying in the high level of the range which above 53.5 percent for three consecutive months. The service industry kept expanding steadily. Of which, the indices of wholesale, retail trade, air transport, loading, unloading and portage, storage, post and express delivery, telecommunications, broadcasting, television and satellite transmission services, internet, software and information technology services, insurance, were positioned in the high level of the range, and the total enterprise business grew fast. The indices of Transport via road, accommodation, Restaurants, real estate, resident services and repair, were lower than the threshold, and the total business decreased. Non-manufacturing purchasing manager index of construction industry achieved 61.4 percent, an increase of 2.9 percentage points from the previous month, and rose to the high level of the range which above 60.0 percent. The production and operation of construction industry accelerated significantly.

New orders index was 51.8 percent, up by 0.7 percentage points from the previous month, and was above the threshold, indicating that the market demand of non-manufacturing industry increased steadily. In view of different industries, the new orders index of service industry was 51.2 percent, increased 0.7 percentage points from the previous month, and was higher than the threshold. The new orders index of construction industry was 55.1 percent, increased 1.0 percentage point from the previous month, and rose to the high level of the range.

Input price index was 56.2 percent, up by 1.9 percentage points from the previous month, and was above the threshold, indicating that the amount of increase of the input price during the process of non-manufacturing enterprises’ operating activities extended. In view of different industries, the intermediate input price indices of service industry was 54.9 percent, increased 1.8 percentage points from the previous month. The input price index of construction industry was 63.9 percent, an increase of 2.5 percentage points from the previous month.

The sales price index was 52.8 percent, up by 1.2 percentage points from last month, and was above the threshold, indicating that the non-manufacturing sales price increased. In view of different industries, the sales price index of service industry was 52.5 percent, an increase of 1.4 percentage points from the previous month.The sales price index of construction industry was 54.8 percent, an increase of 0.2 percentage points from the previous month.

Employment index was 49.2 percent, a decrease of 0.2 percentage points from the previous month, and was still lower than the threshold, indicating that the labor employment of non-manufacturing enterprises decreased. In view of different industries, the employment index of service industry was 48.5 percent, a decrease of 0.1 percentage point from the previous month. The employment index of construction industry was 53.6 percent, unchanged from the previous month.

Business activities expectation index was 61.6 percent, an increase of 1.0 percentage point from last month, and continued to be in the high level of the range which above 60.0 percent. In view of different industries, the business activities expectation index of service industry was 60.9 percent, an increase of 0.8 percentage points from the previous month. That of construction industry was 65.6 percent, an increase of 2.4 percentage points from the previous month.

Main Indices of China's Non-manufacturing PMI (Seasonally adjusted)
Unit: %
	Non-manufacturing PMI	New Orders Index	Input Price Index	Sales Price Index	Employment Index	Business Activities Expectation Index

2016-November	54.7	51.8	53.5	51.4	50.6	60.7
December	54.5	52.1	56.2	51.9	50.0	59.5
2017-January	54.6	51.3	55.1	51.0	49.8	58.9
February	54.2	51.2	53.7	51.4	49.7	62.4
March	55.1	51.9	52.3	49.7	49.1	61.3
April	54.0	50.5	51.7	50.2	49.5	59.7
May	54.5	50.9	51.1	48.8	49.0	60.2
June	54.9	51.4	51.2	49.3	49.6	61.1
July	54.5	51.1	53.1	50.9	49.5	61.1
August	53.4	50.9	54.4	51.5	49.5	61.0
September	55.4	52.3	56.1	51.7	49.7	61.7
October	54.3	51.1	54.3	51.6	49.4	60.6
November	54.8	51.8	56.2	52.8	49.2	61.6

Other Indices of China's Non-manufacturing PMI (Seasonally adjusted)
Unit: %
	Foreign New Orders Index	Unfilled Orders Index	Stock Index	Supplier Delivery Time Index

2016-November	50.9	44.2	45.8	51.5
December	48.9	44.0	47.2	51.6
2017-January	46.4	44.6	46.2	51.4
February	50.1	43.5	45.8	52.1
March	48.8	44.7	45.8	51.4
April	47.1	44.0	46.2	52.0
May	48.5	43.7	46.1	51.8
June	49.8	44.6	45.9	51.8
July	52.1	43.9	45.9	51.7
August	49.0	44.0	45.5	51.1
September	49.7	44.2	47.0	51.6
October	50.7	43.9	46.4	51.1
November	50.9	44.1	46.5	51.6

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, input price index, sales 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 31 non-manufacturing industry divisions in the “Industrial Classification for National Economic Activities" (GB/T4754-2011), and was conducted in 4000 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 non-manufacturing sectors as the selecting layers, distribution of sample size was according to their value-added accounted for the proportion of total non-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 managers survey is a monthly survey, great fluctuations of data which affected by seasonal factors. The sub-indices of non-manufacturing PMI data released currently were all seasonally adjusted.