Purchasing Managers’ Index for September 2025
Department of Service Statistics
China Federation of Logistics & Purchasing (CFLP)
I. Manufacturing Purchasing Managers’ Index
In September, the purchasing managers’ index (PMI) of China’s manufacturing industry came in at 49.8 percent, an increase of 0.4 percentage points from the previous month. The manufacturing business climate continued to improve.
In terms of enterprise size, the PMI for large enterprises was 51.0 percent, an increase of 0.2 percentage points from the previous month, above the threshold; the PMI for medium-sized enterprises stood at 48.8 percent, a decrease of 0.1 percentage points from the previous month, below the threshold; the PMI for small enterprises stood at 48.2 percent, an increase of 1.6 percentage points from the previous month, still below the threshold.
From the sub-indexes, among the five sub-indexes that constitute the manufacturing PMI, the production index and the supplier delivery time index were above the threshold, while the new order index, the raw materials inventory index, and the employment index were below the threshold.
The production index was 51.9 percent, an increase of 1.1 percentage points from the previous month, indicating that the expansion of production in the manufacturing industry had accelerated.
The new order index was 49.7 percent, an increase of 0.2 percentage points from the previous month, indicating a continued improvement in the manufacturing market demand.
The raw materials inventory index was 48.5 percent, an increase of 0.5 percentage points from the previous month, indicating that the decline in the inventory of major raw materials in the manufacturing industry continued to narrow.
The employment index was 48.5 percent, an increase of 0.6 percentage points from the previous month, indicating an improvement in the employment of manufacturing enterprises.
The supplier delivery time index was 50.8 percent, an increase of 0.3 percentage points from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry continued to decrease.
China’s Manufacturing PMI and Sub-indexes
(Seasonally Adjusted)
|
Unit: % | ||||||
|
|
PMI |
| ||||
|
Production Index |
New Order Index |
Raw Materials Inventory Index |
Employment Index |
Supplier Delivery Time Index | ||
|
2024-September |
49.8 |
51.2 |
49.9 |
47.7 |
48.2 |
49.5 |
|
October |
50.1 |
52.0 |
50.0 |
48.2 |
48.4 |
49.6 |
|
November |
50.3 |
52.4 |
50.8 |
48.2 |
48.2 |
50.2 |
|
December |
50.1 |
52.1 |
51.0 |
48.3 |
48.1 |
50.9 |
|
2025-January |
49.1 |
49.8 |
49.2 |
47.7 |
48.1 |
50.3 |
|
February |
50.2 |
52.5 |
51.1 |
47.0 |
48.6 |
51.0 |
|
March |
50.5 |
52.6 |
51.8 |
47.2 |
48.2 |
50.3 |
|
April |
49.0 |
49.8 |
49.2 |
47.0 |
47.9 |
50.2 |
|
May |
49.5 |
50.7 |
49.8 |
47.4 |
48.1 |
50.0 |
|
June |
49.7 |
51.0 |
50.2 |
48.0 |
47.9 |
50.2 |
|
July |
49.3 |
50.5 |
49.4 |
47.7 |
48.0 |
50.3 |
|
August |
49.4 |
50.8 |
49.5 |
48.0 |
47.9 |
50.5 |
|
September |
49.8 |
51.9 |
49.7 |
48.5 |
48.5 |
50.8 |
Related Indexes of China’s Manufacturing PMI
(Seasonally Adjusted)
|
Unit: % | ||||||||
|
|
New Export Order Index |
Import Index |
Purchase Quantity Index |
Main Raw Materials Purchase Price Index |
Producer Price Index |
Finished Goods Inventory Index |
Existing Order Index |
Production and Operation Expectation Index |
|
2024-September |
47.5 |
46.1 |
47.6 |
45.1 |
44.0 |
48.4 |
44.0 |
52.0 |
|
October |
47.3 |
47.0 |
49.3 |
53.4 |
49.9 |
46.9 |
45.4 |
54.0 |
|
November |
48.1 |
47.3 |
51.0 |
49.8 |
47.7 |
47.4 |
45.6 |
54.7 |
|
December |
48.3 |
49.3 |
51.5 |
48.2 |
46.7 |
47.9 |
45.9 |
53.3 |
|
2025-January |
46.4 |
48.1 |
49.2 |
49.5 |
47.4 |
46.5 |
45.6 |
55.3 |
|
February |
48.6 |
49.5 |
52.1 |
50.8 |
48.5 |
48.3 |
46.0 |
54.5 |
|
March |
49.0 |
47.5 |
51.8 |
49.8 |
47.9 |
48.0 |
45.6 |
53.8 |
|
April |
44.7 |
43.4 |
46.3 |
47.0 |
44.8 |
47.3 |
43.2 |
52.1 |
|
May |
47.5 |
47.1 |
47.6 |
46.9 |
44.7 |
46.5 |
44.8 |
52.5 |
|
June |
47.7 |
47.8 |
50.2 |
48.4 |
46.2 |
48.1 |
45.2 |
52.0 |
|
July |
47.1 |
47.8 |
49.5 |
51.5 |
48.3 |
47.4 |
44.7 |
52.6 |
|
August |
47.2 |
48.0 |
50.4 |
53.3 |
49.1 |
46.8 |
45.5 |
53.7 |
|
September |
47.8 |
48.1 |
51.6 |
53.2 |
48.2 |
48.2 |
45.2 |
54.1 |
II. Non-manufacturing Purchasing Managers’ Index
In September, the non-manufacturing business activity index was 50.0 percent, a decrease of 0.3 percentage points from the previous month, standing at the threshold, which indicated general stability in non-manufacturing business activity.
By industry, the business activity index for the construction industry came in at 49.3 percent, an increase of 0.2 percentage points from the previous month; that for the service industry was 50.1 percent, a decrease of 0.4 percentage points from the previous month. In terms of the service industry, the business activity indexes for postal, telecommunication, broadcast, television, and satellite transmission services, and monetary and financial services were within the high expansion range of 60.0 percent and above; those for catering, real estate, and culture, sports, and entertainment were below the threshold.
The new order index was 46.0 percent, a decrease of 0.6 percentage points from the previous month, indicating a decline in non-manufacturing market demand. By industry, the new order index for the construction industry came in at 42.2 percent, an increase of 1.6 percentage points from the previous month; that for the service industry stood at 46.7 percent, a decrease of 1.0 percentage point from the previous month.
The input price index was 49.0 percent, a decrease of 1.3 percentage points from the previous month, indicating a drop in the overall input prices for business operations among non-manufacturing enterprises. By industry, the input price index for the construction industry came in at 47.2 percent, a decrease of 7.4 percentage points from the previous month; that for the service industry stood at 49.3 percent, a decrease of 0.2 percentage points from the previous month.
The sales price index was 47.3 percent, a decrease of 1.3 percentage points from the previous month, below the threshold, indicating a continued decline in the overall non-manufacturing sales prices. By industry, the sales price index for the construction industry came in at 48.1 percent, a decrease of 1.6 percentage points from the previous month; that for the service industry stood at 47.2 percent, a decrease of 1.3 percentage points from the previous month.
The employment index was 45.0 percent, a decrease of 0.6 percentage points from the previous month, indicating weakening employment conditions among non-manufacturing enterprises. By industry, the employment index for the construction industry came in at 39.7 percent, a decrease of 3.9 percentage points from the previous month; that for the service industry stood at 45.9 percent, flat with the previous month.
The business activity expectation index was 55.7 percent, a decrease of 0.5 percentage points from the previous month, still within the relatively high expansion range, indicating that most of the non-manufacturing enterprises remained optimistic about market development. By industry, the business activity expectation index for the construction industry came in at 52.4 percent, an increase of 0.7 percentage points from the previous month; that for the service industry stood at 56.3 percent, a decrease of 0.7 percentage points from the previous month.
Main Sub-indexes of China’s Non-manufacturing PMI
(Seasonally Adjusted)
|
Unit: % | ||||||
|
|
Business Activity Index |
New Order Index |
Input Price Index |
Sales Price Index |
Employment Index |
Business Activity Expectation Index |
|
2024-September |
50.0 |
44.2 |
48.2 |
46.1 |
44.7 |
54.4 |
|
October |
50.2 |
47.2 |
50.6 |
48.5 |
45.8 |
56.1 |
|
November |
50.0 |
45.9 |
49.1 |
48.8 |
45.4 |
57.0 |
|
December |
52.2 |
48.7 |
50.5 |
48.8 |
45.8 |
57.5 |
|
2025-January |
50.2 |
46.4 |
50.4 |
48.6 |
46.7 |
56.7 |
|
February |
50.4 |
46.1 |
48.4 |
47.8 |
46.5 |
56.6 |
|
March |
50.8 |
46.6 |
48.6 |
46.7 |
45.8 |
57.2 |
|
April |
50.4 |
44.9 |
47.8 |
46.6 |
45.5 |
56.0 |
|
May |
50.3 |
46.1 |
48.2 |
47.3 |
45.5 |
55.9 |
|
June |
50.5 |
46.6 |
49.9 |
48.8 |
45.5 |
55.6 |
|
July |
50.1 |
45.7 |
50.3 |
47.9 |
45.6 |
55.8 |
|
August |
50.3 |
46.6 |
50.3 |
48.6 |
45.6 |
56.2 |
|
September |
50.0 |
46.0 |
49.0 |
47.3 |
45.0 |
55.7 |
Other Sub-indexes of China’s Non-manufacturing PMI
(Seasonally Adjusted)
|
Unit: % | ||||
|
|
New Export Order Index |
Existing Order Index |
Inventory Index |
Supplier Delivery Time Index |
|
2024-September |
47.0 |
42.2 |
45.1 |
50.2 |
|
October |
50.0 |
43.7 |
45.7 |
51.2 |
|
November |
48.2 |
42.7 |
45.3 |
51.2 |
|
December |
50.0 |
44.1 |
46.4 |
51.5 |
|
2025-January |
44.6 |
43.3 |
45.0 |
51.3 |
|
February |
49.5 |
43.1 |
45.2 |
53.1 |
|
March |
49.8 |
43.7 |
45.7 |
51.1 |
|
April |
42.2 |
42.3 |
45.1 |
50.8 |
|
May |
48.0 |
43.4 |
46.1 |
51.1 |
|
June |
49.8 |
43.4 |
44.8 |
51.2 |
|
July |
48.8 |
42.3 |
45.3 |
51.2 |
|
August |
48.8 |
43.4 |
45.7 |
51.3 |
|
September |
49.8 |
44.4 |
44.9 |
51.1 |
III. Composite PMI Output Index
In September, the composite PMI output index was 50.6 percent, an increase of 0.1 percentage points from the previous month, still above the threshold, indicating that the overall expansion in production and operation of Chinese enterprises further accelerated.
Annotations:
1. Explanatory Notes
Purchasing Managers’ Index (PMI) is a composite index based on the aggregate monthly survey results of purchasing managers in enterprises. It encompasses various aspects, including procurement, production, and distribution, across both the manufacturing and non-manufacturing industries. It is one of the internationally recognized leading indicators for monitoring macroeconomic trends, with strong predictive and early warning functions. Composite PMI Output Index, within the PMI indicator system, reflects the overall changes in output across all industries (manufacturing and non-manufacturing) during the current period. A PMI reading above 50 percent indicates an expansion in the overall economy compared to the previous month, while a reading below 50 percent reflects a contraction.
2. Statistical Coverage
The survey involves 3,200 samples from 31 divisions of the manufacturing industry, as classified in the Industrial Classification for National Economic Activities (GB/T4754-2017), and 4,300 samples from 43 divisions of the non-manufacturing industry.
3. Survey Methods
The PPS (Probability Proportional to Size) sampling method is adopted in the purchasing managers’ survey. The survey uses divisions of the manufacturing and non-manufacturing sectors as strata, with the sample size for each stratum determined in proportion to its share of value-added in the total value-added of the respective industry. Within the stratum, the samples are selected by the probabilities proportional to the enterprises’ principal business revenue.
The survey was organized and implemented by survey teams directly affiliated with the NBS of China, utilizing the Online Reporting System of the NBS of China to conduct survey questionnaires to the purchasing managers of the selected enterprises.
4. Calculation Methods
(1) Calculation Methods of Sub-indexes. The index system of the manufacturing purchasing managers’ survey covers 13 sub-indexes such as production, new orders, new export orders, existing orders, finished goods inventory, purchase quantity, import, main raw materials purchase price, producer price, raw materials inventory, employment, supplier delivery time, and production and operation expectation. The index system of the non-manufacturing purchasing managers’ survey covers 10 sub-indexes, including business activities, new orders, new export orders, existing orders, finished goods inventory, input price, sales price, employment, supplier delivery time, and business activity expectation. Sub-indexes adopt the diffusion index calculation method, i.e., the percentage of positive answers in a number of enterprises plus half of the percentage of the same answers. Since there is no composite index for the non-manufacturing sector, the business activity index is generally used internationally to reflect the overall changes in non-manufacturing economic development.
(2) Calculation Methods of Manufacturing PMI. Manufacturing PMI is a weighted composite index calculated from five diffusion indexes (sub-indexes). Five sub-indexes and their weights are determined in accordance with their leading impact on the economy. Specifically, the new order index weights 30 percent; the production index weights 25 percent; the employment index weights 20 percent; the supplier delivery time index weights 15 percent; the raw materials inventory index weights 10 percent. Among them, the supplier delivery time index is a reverse index, which is inversely calculated when compiling the manufacturing PMI.
(3) Calculation Methods of Composite PMI Output Index. Composite PMI Output Index is calculated as a weighted sum of the manufacturing output index and the non-manufacturing business activity index. Their weights are determined by the proportion of manufacturing and non-manufacturing industries in GDP.
5. Seasonal Adjustment
The purchasing managers’ survey is a monthly survey, and the data from the survey fluctuates significantly due to the influence of seasonal factors. The released readings are all seasonally adjusted.