In October, China's official non manufacturing PMI was 52.8%

In October 2019, China's manufacturing PMI was 49.3%, down 0.5 percentage points from the previous month. From the perspective of enterprise scale, the PMI of large enterprises is 49.9%, down 0.9 percentage points from the previous month; the PMI of medium enterprises is 49.0%, up 0.4 percentage points from the previous month; the PMI of small enterprises is 47.9%, down 0.9 percentage points from the previous month.

According to the classification index, the production index and supplier delivery time index are higher than the critical point, while the new order index, raw material inventory index and employee index are lower than the critical point. The production index is 50.8%, 1.5 percentage points lower than that of last month, which is still higher than the critical point, indicating that the manufacturing industry continues to maintain the expansion trend and the expansion pace slows down. The index of new orders was 49.6%, down 0.9 percentage points from the previous month, which was below the critical point, indicating that the market demand of manufacturing industry fell. The inventory index of raw materials is 47.4%, which is 0.2% lower than that of last month. It is below the critical point, indicating that the inventory of main raw materials in manufacturing industry is reduced. The employee index was 47.3%, up 0.3 percentage points from the previous month, which was below the critical point, indicating that the decline in the employment of manufacturing enterprises was somewhat narrowed. The delivery time index of suppliers is 50.1%, which is 0.4% lower than that of last month, but slightly higher than the critical point, indicating that the delivery time of raw material suppliers in manufacturing industry is slightly faster than that of last month. In October 2019, the business activity index of the non manufacturing industry was 52.8%, down 0.9 percentage points from the previous month, indicating that the non manufacturing industry as a whole kept expanding and the growth rate slowed down. In terms of industries, the business activity index of service industry is 51.4%, lower than 1.6% in the previous month, and the service industry has declined. In terms of industry categories, the business activity index of air transport, postal industry, Internet software information technology services and other industries is in a high boom range of more than 55.0%, and the total business volume continues to maintain rapid expansion. The business activity indexes of wholesale industry, capital market service, real estate industry and other industries are in the contraction range. The construction business activity index was 60.4%, up 2.8 percentage points from last month, returning to the high boom range.

The new orders index was 49.4%, down 1.1 percentage points from the previous month, below the tipping point, indicating a decline in orders in non manufacturing markets. By industry, the new order index of service industry is 48.4%, down 1.3 percentage points from last month; the new order index of construction industry is 54.8%, down 0.3 percentage points from last month. The input price index is 51.3%, 1.5 percentage points lower than that of last month, which is above the critical point, indicating that the overall level of input price increase for business activities of non manufacturing enterprises is narrowed. By industry, the service industry input price index is 50.9%, 1.9% lower than last month; the construction industry input price index is 53.1%, 0.6% higher than last month. The sales price index was 48.9%, down 1.1 percentage points from the previous month and below the critical point, indicating that the overall sales price level of non manufacturing industry fell on a month on month basis. By industry, the sales price index of service industry is 48.4%, down 1.4 percentage points from last month; the sales price index of construction industry is 52.2%, up 0.8 percentage points from last month. The employment index was 48.2%, which was the same as that of last month, and was below the critical point, indicating that the employment of non manufacturing enterprises decreased. By industry, the index of service industry employees was 47.6%, down 0.1 percentage points from last month; the index of construction industry employees was 51.8%, up 0.7 percentage points from last month. The expected index of business activity is 60.7%, up 1.0 percentage points from last month, rising to the high boom range, indicating that non manufacturing enterprises have stronger confidence in future market development. By industry, the expected index of service business activity is 60.3%, 1.0% higher than last month; the expected index of construction business activity is 63.2%, 1.2% higher than last month. Third, the operation of China's comprehensive PMI output index is 52.0% in October 2019, 1.1 percentage points lower than that of last month, indicating that the overall production and operation activities of Chinese enterprises continue to expand.