National Bureau of Statistics Interpretation: The Manufacturing Purchasing Managers' Index rose in August.

In August 2026, the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing released the China Purchasing Managers' Index (PMI). In response, Huihui Huo, Chief Statistician of the Service Industry Survey Center of the National Bureau of Statistics, provided an interpretation. In August, the manufacturing PMI was 49.8%, an increase of 0.6 percentage points from the previous month, indicating a recovery in the economic climate. The non-manufacturing business activity index stood at 49.0%, unchanged from the previous month. The comprehensive PMI output index was 49.5%, up by 0.2 percentage points from the previous month, reflecting an overall improvement in the level of economic output in our country. I. The Recovery of the Manufacturing PMI In August, the manufacturing PMI rose to 49.8%. Among the 21 surveyed industries, 16 reported an increase in their PMI from the previous month, showing a significant improvement in manufacturing industry sentiment. 1. Synchronized expansion on both production and demand sides. The manufacturing production index and new orders index were 50.4% and 50.6% respectively, an increase of 0.5 and 2.1 percentage points from the previous month, indicating expansion in both production and market demand within manufacturing enterprises. By industry, sectors such as electrical machinery and equipment, as well as computer communications and electronic equipment, had both production and new orders indices above 53.0%, reflecting a rapid release of supply and demand. However, sectors like chemical raw materials and products, as well as ferrous metal smelting and processing, had both indices below the critical point, indicating weaker market activity. Driven by the recovery of production and demand, enterprises' purchasing intentions strengthened, with the purchasing volume index at 50.5%, up 1.1 percentage points from the previous month. 2. The development of new momentum continues to improve. The PMI for equipment manufacturing and high-tech manufacturing was 51.4% and 52.9%, respectively, remaining in the expansion zone, with relevant industries experiencing rapid growth and significant optimization and upgrading of the manufacturing structure. The consumer goods industry and high-energy-consuming industries had PMIs of 49.0% and 47.9%, showing increases of 1.2 and 0.9 percentage points from the previous month, indicating a rise in sentiment levels. 3. Price indices both rose. Influenced by recent increases in crude oil and non-ferrous metal prices, the purchasing price index of major raw materials in manufacturing and the ex-factory price index were 56.6% and 50.4%, respectively, rising by 3.4 and 2.6 percentage points from the previous month, with the ex-factory price index returning to the expansion range. By industry, both price indices in the non-ferrous metal smelting and rolling processing industry rose above 60.0%, reflecting significant increases in procurement prices of raw materials and selling prices of products in relevant industries. 4. Large enterprises' PMI rose into the expansion range. The manufacturing PMI for large enterprises was 50.6%, up 1.1 percentage points from the previous month, indicating a significant improvement in production and operational conditions compared to the previous month. The PMI for medium-sized enterprises was 49.4%, a decrease of 0.3 percentage points from the previous month, indicating a decline in sentiment; small enterprises' PMI was 47.9%, up 0.5 percentage points from the previous month, showing a recovery in sentiment levels. II. The Non-Manufacturing Business Activity Index Remains Unchanged from the Previous Month In August, the non-manufacturing business activity index was 49.0%, unchanged from the previous month. 1. The service industry business activity index remained stable compared to the previous month. The service industry business activity index was 49.3%, indicating stable sentiment levels. By industry, sectors such as postal services, telecommunications broadcasting and satellite transmission services, and internet software and information technology services had business activity indices above 55.0%, with related enterprises maintaining rapid growth in total business volume. In contrast, the business activity indices for wholesale, retail, and capital market services were below the critical point, indicating weaker sentiment in these sectors. The service industry business activity expectations index stood at 55.5%, remaining in the high sentiment range above 55.0%, as enterprises maintain an optimistic outlook on future industry developments. 2. The construction industry business activity index showed slight decline amid stability. Due to the impact of extreme weather conditions such as heavy rains and typhoons in some regions, the construction industry's pace slowed, with the business activity index at 46.9%, down by 0.1 percentage points from the previous month. The construction industry business activity expectations index stood at 51.8%, unchanged from the previous month, indicating relatively stable confidence among enterprises regarding recent market developments. III. The Comprehensive PMI Output Index Shows Some Recovery In August, the comprehensive PMI output index was 49.5%, up 0.2 percentage points from the previous month, indicating a general recovery in the business sentiment of enterprises in our country. The manufacturing production index and non-manufacturing business activity index that constitute the comprehensive PMI output index were 50.4% and 49.0%, respectively. This article is compiled from the official website of the "National Bureau of Statistics," edited by Li Fo of GMTEight.