Purchasing Managers’ Index for November 2025
Department of Service Statistics of the National Bureau of Statistics of China (NBS)
China Federation of Logistics & Purchasing (CFLP)
I. Manufacturing Purchasing Managers’ Index
In November, the Purchasing Managers’ Index (PMI) of China’s manufacturing industry came in at 49.2%, an increase of 0.2 percentage points from the previous month. The business climate has improved.
In terms of enterprise size, the PMI for large-sized enterprises was 49.3%, a decrease of 0.6 percentage points from the previous month, which was below the threshold; the PMI for medium and small-sized enterprises stood at 48.9% and 49.1%, respectively, an increase of 0.2 percentage points and 2.0 percentage points from the previous month, both remaining below the threshold.
By sub-index, among the five sub-indexes that constitute the manufacturing PMI, the supplier delivery time index was above the threshold, the production index was at the threshold, while the new order index, the raw materials inventory index, and the employment index were all below the threshold.
The production index was 50.0%, an increase of 0.3 percentage points from the previous month, standing at the threshold and indicating that the overall production in the manufacturing industry remained stable.
The new order index was 49.2%, an increase of 0.4 percentage points from the previous month, indicating an improvement in the market demand of the manufacturing industry.
The raw materials inventory index was 47.3%, which remained the same as the previous month and was below the threshold, indicating that inventories of main raw materials in the manufacturing industry continued to decline.
The employment index was 48.4%, an increase of 0.1 percentage points from the previous month, indicating a slight improvement in the employment climate of the manufacturing industry.
The supplier delivery time index was 50.1%, an increase of 0.1 percentage points from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry shortened slightly.
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-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 |
|
October |
49.0 |
49.7 |
48.8 |
47.3 |
48.3 |
50.0 |
|
November |
49.2 |
50.0 |
49.2 |
47.3 |
48.4 |
50.1 |
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-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 |
|
October |
45.9 |
46.8 |
49.0 |
52.5 |
47.5 |
48.1 |
44.5 |
52.8 |
|
November |
47.6 |
47.0 |
49.5 |
53.6 |
48.2 |
47.3 |
45.5 |
53.1 |
II. Non-manufacturing Purchasing Managers’ Index
In November, the non-manufacturing business activity index was 49.5%, a decrease of 0.6 percentage points from the previous month.
By industry, the business activity index for the construction industry came in at 49.6%, an increase of 0.5 percentage points from the previous month; that for the service industry was 49.5%, a decrease of 0.7 percentage points from the previous month. In terms of the service industry, the business activity indexes for railway transportation, telecommunications, radio, television and satellite transmission services, monetary and financial services, etc., were within the relatively high expansionary range of above 55.0%; those for real estate, residential services, etc., were below the threshold.
The new order index was 45.7%, a decrease of 0.3 percentage points from the previous month, indicating a decline in the market demand in the non-manufacturing industry. By industry, the new order index for the construction industry came in at 46.1%, an increase of 0.2 percentage points from the previous month; that for the service industry stood at 45.6%, a decrease of 0.4 percentage points from the previous month.
The input price index was 50.4%, an increase of 1.0 percentage point from the previous month, indicating that the input prices for business operations among non-manufacturing enterprises increased. By industry, the input price index for the construction industry came in at 49.7%, an increase of 0.1 percentage points from the previous month; that for the service industry stood at 50.5%, an increase of 1.1 percentage points from the previous month.
The sales price index was 49.1%, an increase of 1.3 percentage points from the previous month and still below the threshold, indicating that the overall decline in sales prices in the non-manufacturing industry narrowed. By industry, the sales price index for the construction industry came in at 48.4%, the same as the previous month; that for the service industry stood at 49.2%, an increase of 1.5 percentage points from the previous month.
The employment index was 45.3%, an increase of 0.1 percentage points from the previous month, indicating a slight improvement in employment conditions among non-manufacturing enterprises. By industry, the employment index for the construction industry came in at 41.8%, an increase of 1.9 percentage points from the previous month; that for the service industry stood at 45.9%, a decrease of 0.2 percentage points from the previous month.
The business activity expectation index was 56.2%, an increase of 0.1 percentage points from the previous month, indicating that most non-manufacturing enterprises remained optimistic about market development. By industry, the business activity expectation index for the construction industry came in at 57.9%, an increase of 1.9 percentage points from the previous month; that for the service industry stood at 55.9%, a decrease of 0.2 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-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 |
|
October |
50.1 |
46.0 |
49.4 |
47.8 |
45.2 |
56.1 |
|
November |
49.5 |
45.7 |
50.4 |
49.1 |
45.3 |
56.2 |
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-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 |
|
October |
46.2 |
43.6 |
46.0 |
50.9 |
|
November |
47.9 |
43.6 |
44.8 |
51.2 |
III. Composite PMI Output Index
In November, the Composite PMI Output Index was 49.7%, a decrease of 0.3 percentage points from the previous month.
Annotations:
1. Notes on Indicators
The Purchasing Managers’ Index (PMI) is an index compiled based on the results of the monthly survey of enterprise purchasing managers. It encompasses various aspects, including enterprise 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 relatively strong predictive and early warning functions. The Composite PMI Output Index is a composite index within the PMI indicator system that reflects the overall changes in output across all industries (manufacturing and non-manufacturing) during the current period. A PMI reading above 50% indicates an expansion in the overall economy compared to the previous month, while a reading below 50% reflects a contraction.
2. Statistical Coverage
The survey involves 3,200 samples from 31 divisions of the manufacturing industry and 4,300 samples from 43 divisions of the non-manufacturing industry, as classified in the Industrial Classification for National Economic Activities (GB/T4754-2017).
3. Survey Method
The Probability Proportional to Size (PPS) sampling method is adopted in surveys of purchasing managers, with the manufacturing and non-manufacturing industries serving as strata. The sample size for each industry is determined according to the proportion of its value added in the total value added of the respective industry. Within each stratum, samples are selected with probabilities proportional to the enterprises’ main business revenue.
The survey is organized and implemented by survey teams directly affiliated with the NBS, which conduct monthly questionnaire surveys of enterprise purchasing managers through the Online Reporting System of the NBS.
4. Calculation Methods
(1) Calculation Method of Sub-indexes. The index system of the manufacturing purchasing managers’ survey includes 13 sub-indexes, namely 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 includes 10 sub-indexes, namely business activities, new orders, new export orders, existing orders, inventory, input price, sales price, employment, supplier delivery time, and business activity expectation. Sub-indexes are calculated using the diffusion index calculation method, i.e., the percentage of enterprises with positive answers plus half of the percentage of those with the same answers. Since there is no composite index for the non-manufacturing industry, the business activity index is generally used internationally to reflect the overall changes in non-manufacturing economic development.
(2) Calculation Method of the Manufacturing PMI. The manufacturing PMI is a weighted 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%; the production index weights 25%; the employment index weights 20%; the supplier delivery time index weights 15%; the raw materials inventory index weights 10%. Among them, the supplier delivery time index is an inverse index, which is inversely calculated when incorporated into the manufacturing PMI.
(3) Calculation Method of the Composite PMI Output Index. The Composite PMI Output Index is calculated as a weighted sum of the manufacturing production index and the non-manufacturing business activity index. Their weights are determined by the proportions of the manufacturing and non-manufacturing industries in GDP.
5. Seasonal Adjustments
The purchasing managers’ survey is conducted on a monthly basis. Due to the influence of seasonal factors, the data may fluctuate significantly. All released indexes have been seasonally adjusted.