National Bureau of Statistics: July PMI is 49.2%, a decrease of 1.1 percentage points from last month.

The National Bureau of Statistics has released data indicating that in July, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, down 1.1 percentage points from the previous month, which shows a decline in the economic climate. By enterprise size, the PMIs for large, medium, and small enterprises were 49.5%, 49.7%, and 47.4%, respectively, decreasing by 1.2, 0.8, and 0.8 percentage points from last month, all falling below the critical point. The Non-Manufacturing Business Activity Index was 49.0%, down 1.2 percentage points from the previous month, indicating a decline in the non-manufacturing economic climate compared to last month. The Composite PMI Output Index was 49.3%, down 1.3 percentage points from the previous month, indicating that production and business activities of Chinese enterprises have slowed compared to last month. I. Operation of China's Manufacturing Purchasing Managers' Index In July, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, down 1.1 percentage points from the previous month, indicating a decline in the economic climate. By enterprise size, the PMIs for large, medium, and small enterprises were 49.5%, 49.7%, and 47.4%, respectively, decreasing by 1.2, 0.8, and 0.8 percentage points from last month, all falling below the critical point. From the classified index perspective, among the five component indices of the manufacturing PMI, the Production Index, New Orders Index, Raw Material Inventory Index, Employment Index, and Supplier Delivery Time Index were all below the critical point. The Production Index was 49.9%, down 1.5 percentage points from the previous month, indicating that manufacturing production activities have slowed. The New Orders Index was 48.5%, down 2.7 percentage points from the previous month, indicating a decline in market demand for manufacturing. The Raw Material Inventory Index was 48.3%, down 0.1 percentage points from the previous month, indicating a continued decrease in the inventory of major raw materials in manufacturing. The Employment Index was 49.0%, up 0.5 percentage points from the previous month, indicating a slight recovery in employment conditions in manufacturing enterprises. The Supplier Delivery Time Index was 49.5%, down 0.4 percentage points from the previous month, indicating a longer delivery time from raw material suppliers compared to last month. II. Operation of China's Non-Manufacturing Purchasing Managers' Index In July, the Non-Manufacturing Business Activity Index was 49.0%, down 1.2 percentage points from the previous month, indicating a decline in the non-manufacturing economic climate compared to last month. By industry, the Business Activity Index for the construction sector was 47.0%, down 2.0 percentage points from the previous month; the Business Activity Index for the service sector was 49.3%, down 1.1 percentage points from the previous month. In the service industry, sectors such as postal, telecommunications, broadcasting, television, and satellite transmission services as well as culture, sports, and entertainment had business activity indices in a relatively high prosperity range above 55.0%; while capital market services and real estate had business activity indices below the critical point. The New Orders Index was 44.4%, down 3.6 percentage points from the previous month, indicating a decline in market demand for non-manufacturing. By industry, the New Orders Index for construction was 40.1%, down 6.2 percentage points from the previous month; the service sector's New Orders Index was 45.2%, down 3.2 percentage points from the previous month. The Input Prices Index was 49.7%, unchanged from the previous month, still below the critical point, indicating a continued decline in the overall level of input prices for non-manufacturing enterprises. By industry, the Input Prices Index for construction was 48.7%, down 1.7 percentage points from the previous month; the Input Prices Index for services was 49.9%, up 0.3 percentage points from the previous month. The Sales Prices Index was 47.9%, down 0.5 percentage points from the previous month, indicating an extended decrease in the overall level of sales prices for non-manufacturing enterprises. By industry, the Sales Prices Index for construction was 47.7%, down 2.1 percentage points from the previous month; the Sales Prices Index for services was 47.9%, down 0.3 percentage points from the previous month. The Employment Index was 45.4%, down 0.4 percentage points from the previous month, indicating a decline in employment conditions for non-manufacturing enterprises. By industry, the Employment Index for construction was 40.9%, down 1.4 percentage points from the previous month; the Employment Index for services was 46.2%, down 0.2 percentage points from the previous month. The Business Activity Expectations Index was 55.4%, up 0.1 percentage points from the previous month, indicating increased confidence among non-manufacturing enterprises regarding market development. By industry, the Business Activity Expectations Index for construction was 51.8%, up 0.7 percentage points from the previous month; the Business Activity Expectations Index for services was 56.0%, unchanged from the previous month. III. Operation of China's Composite PMI Output Index In July, the Composite PMI Output Index was 49.3%, down 1.3 percentage points from the previous month, indicating that the production and business activities of enterprises in China have slowed compared to last month. This article has been compiled from the official website of the National Bureau of Statistics, GMTEight Editor: Xu Wenqiang.