China's Non-manufacturing PMI was 55.0 Percent in December
Department of Service Statistics of NBS
China Federation of Logistics and Purchasing (CFLP)
In December 2017, China's non-manufacturing purchasing manager index was 55.0 percent, an increase of 0.2 percentage points from the previous month, and continued to be higher than the threshold. The expansion of non-manufacturing industry has been sped up.
In view of different industries, non-manufacturing purchasing manager index of service industry was 53.4 percent, a slight decrease of 0.2 percentage points from the previous month. Since the fourth quarter, the index has been staying around 53.5 percent in the expansion range, and remained steady on the whole. Of which, the indices of post and express delivery, telecommunications, broadcasting, television and satellite transmission services, Internet, software and information technology services, monetary market services, insurance, were positioned in the high level of the range, with business activities staying active and the total business growing fast. The indices of restaurants, capital market services, 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 63.9 percent, an increase of 2.5 percentage points from the previous month, and stayed in the high level of the range which above 60.0 percent for two consecutive months. The production and operation of construction industry accelerated.
New orders index was 52.0 percent, up by 0.2 percentage points from the previous month, and was above the threshold, indicating that the growth rate of non-manufacturing industry’s market demand increased. In view of different industries, the new orders index of service industry was 50.9 percent, decreased 0.3 percentage points from the previous month, and was higher than the threshold. The new orders index of construction industry was 58.1 percent, increased 3.0 percentage points from the previous month, and stayed in the high level of the range for two consecutive months.
Input price index was 54.8 percent, down by 1.4 percentage points from the previous month, and was above the threshold, indicating that the input price during the process of non-manufacturing enterprises’ operating activities continued to increase, while the amount of increase narrowed. In view of different industries, the intermediate input price indices of service industry was 53.2 percent, decreased 1.7 percentage points from the previous month. The input price index of construction industry was 64.3 percent, an increase of 0.4 percentage points from the previous month.
The sales price index was 52.6 percent, down by 0.2 percentage points from last month, and was above the threshold, indicating that the amount of increase of non-manufacturing sales price declined slightly. In view of different industries, the sales price index of service industry was 52.0 percent, a decrease of 0.5 percentage points from the previous month.The sales price index of construction industry was 55.6 percent, an increase of 0.8 percentage points from the previous month.
Employment index was 49.3 percent, a slight increase of 0.1 percentage point from the previous month, and was still lower than the threshold, indicating that the pace of decline of non-manufacturing enterprises’ labor employment reduced. In view of different industries, the employment index of service industry was 48.2 percent, a decrease of 0.3 percentage points from the previous month. The employment index of construction industry was 55.9 percent, an increase of 2.3 percentage points from the previous month,
Business activities expectation index was 60.9 percent, a decrease of 0.7 percentage points 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 60.3 percent, a decrease of 0.6 percentage points from the previous month. That of construction industry was 64.1 percent, a decrease of 1.5 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-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 |
December | 55.0 | 52.0 | 54.8 | 52.6 | 49.3 | 60.9 |
|
|
|
|
|
|
|
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-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 |
December | 51.5 | 43.8 | 46.3 | 51.3 |
|
|
|
|
|
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.