According to data released by the China Federation of Logistics and Purchasing on the 1st, the China Federation of Logistics and Purchasing Manufacturing Purchasing Managers Index (PMI) was 55.2% in November, unchanged from the previous month. As an important leading data for the macro economy, PMI has been at a critical point of 50% for the ninth consecutive month, indicating that the overall manufacturing industry has maintained a steady upward trend.
The data shows that the five sub-indices that constitute the manufacturing PMI in November have risen and fallen. The production index was 59.4%, a slight increase of 0.1 percentage points from the previous month, and continued to be above the critical point, the highest point since May last year. This shows that under the driving of the expansion of market demand, manufacturing production continues to increase. The new order index was 58.4%, although it was 0.1 percentage points lower than the previous month, but it has been above the critical point for ten consecutive months, indicating that the number of new orders for manufacturing enterprises has continued to rise. The main raw material inventory index was 51.4%, which was 2.4 percentage points higher than the previous month and rose above the critical point. The highest point since the survey of manufacturing purchasing managers was carried out, indicating that the main raw material inventory of the manufacturing industry increased. The employee index was 51.1%, down 1.3 percentage points from the previous month. The supplier's delivery time index was 50.4%, down 1.3 percentage points from the previous month.
At the same time, the HSBC China Manufacturing PMI index for November was 55.7%, which was 0.3 percentage points higher than the previous month.
Zhang Yongjun, a researcher at the China International Economic Exchange Center, said in an interview with Xinhua News Agency that the PMI index will continue to remain in a booming space, indicating that industrial production, especially in the manufacturing industry, has not changed, but at the same time, the narrowing of the ring gains has also shown The intensity of accelerating growth has weakened.
"From a trend perspective, PMI has rebounded for several consecutive months and is now flat, showing that the macro economy has recovered to a stable stage," said Li Huaiding, a fixed-income analyst at Guoxin Securities.
Zhang Yongjun said that from the current situation, the trend of continued narrowing of PPI in November will not change, and the narrowing will be even greater, but the possibility of turning positive is still small.
Zhang Yongjun believes that the rise in the raw material purchase price index is closely related to the continued rise in international commodity prices in the near future. At the end of October, the US CRB index rose by more than 20 points, and the prices of various raw materials futures generally rose. At the same time, the recent increase in the prices of international crude oil, coal and other raw materials has also put a lot of pressure on the purchase price of raw materials. At the same time, some enterprises in the survey reported that due to the rain and snow weather, factors such as the shortage of natural gas supply in China in November also affected the purchase price of raw materials.
Qu Hongbin, chief economist at HSBC China, said that the continued improvement of HSBC's China Manufacturing Purchasing Managers Index means that the recovery of China's economy has been consolidated. The growth in new orders and output, coupled with the rapid rise in new export orders, has created and will create new jobs.
The data shows that the five sub-indices that constitute the manufacturing PMI in November have risen and fallen. The production index was 59.4%, a slight increase of 0.1 percentage points from the previous month, and continued to be above the critical point, the highest point since May last year. This shows that under the driving of the expansion of market demand, manufacturing production continues to increase. The new order index was 58.4%, although it was 0.1 percentage points lower than the previous month, but it has been above the critical point for ten consecutive months, indicating that the number of new orders for manufacturing enterprises has continued to rise. The main raw material inventory index was 51.4%, which was 2.4 percentage points higher than the previous month and rose above the critical point. The highest point since the survey of manufacturing purchasing managers was carried out, indicating that the main raw material inventory of the manufacturing industry increased. The employee index was 51.1%, down 1.3 percentage points from the previous month. The supplier's delivery time index was 50.4%, down 1.3 percentage points from the previous month.
At the same time, the HSBC China Manufacturing PMI index for November was 55.7%, which was 0.3 percentage points higher than the previous month.
Zhang Yongjun, a researcher at the China International Economic Exchange Center, said in an interview with Xinhua News Agency that the PMI index will continue to remain in a booming space, indicating that industrial production, especially in the manufacturing industry, has not changed, but at the same time, the narrowing of the ring gains has also shown The intensity of accelerating growth has weakened.
"From a trend perspective, PMI has rebounded for several consecutive months and is now flat, showing that the macro economy has recovered to a stable stage," said Li Huaiding, a fixed-income analyst at Guoxin Securities.
Zhang Yongjun said that from the current situation, the trend of continued narrowing of PPI in November will not change, and the narrowing will be even greater, but the possibility of turning positive is still small.
Zhang Yongjun believes that the rise in the raw material purchase price index is closely related to the continued rise in international commodity prices in the near future. At the end of October, the US CRB index rose by more than 20 points, and the prices of various raw materials futures generally rose. At the same time, the recent increase in the prices of international crude oil, coal and other raw materials has also put a lot of pressure on the purchase price of raw materials. At the same time, some enterprises in the survey reported that due to the rain and snow weather, factors such as the shortage of natural gas supply in China in November also affected the purchase price of raw materials.
Qu Hongbin, chief economist at HSBC China, said that the continued improvement of HSBC's China Manufacturing Purchasing Managers Index means that the recovery of China's economy has been consolidated. The growth in new orders and output, coupled with the rapid rise in new export orders, has created and will create new jobs.
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