In January, non-manufacturing purchasing manager index was 56.2 percent, a slight increase of 0.1 percentage points over the previous month.
In view of different industries, non-manufacturing purchasing manager index of construction industry continued to stay above the threshold, achieved 61.6 percent, went down by 0.3 percentage points over the previous month, positioned in the high level of the range. That of services industry was 54.9 percent, up by 0.2 percentage points than that in the previous month.Of which, the indices of retail trade industry, air transport industry, water transport industry stayed at 60 percent and above, while the total enterprise business of hotel service industry, ecological protection, environmental management and public facilities administration industry, real estate industry, resident services and repairs industry decreased over last month.
New orders index declined slightly. The new orders index was 53.7 percent, a decrease of 0.6 percentage points over the previous month, which indicating that the market demand of non-manufacturing industry continued to increase, while the growth slowed down. In view of different industries, the new orders index of construction industry was 56.7 percent, down by 0.5 percentage points over the previous month. The new orders index of service industry was 53.0 percent, 0.6 percentage points lower over the previous month. Of which, the new orders indices of retail trade industry, air transport industry, water transport industry, railway transport industry were above the threshold, and the market demands expanded, while the new orders indices of loading, unloading and warehousing industry, real estate industry, hotel service industry, resident services and repairs industry were below the threshold, and the market demands decreased.
Intermediate input price index continued to increase, reached 58.2 percent, up by 4.4 percentage points over last month, and was a 10-month high, indicating that the intermediate input price during the process of production and operation of non-manufacturing enterprises presented a rise trend with the amount of rise increased. In view of different industries, the intermediate input price index of construction industry was 59.5 percent, a significant rise of 7.6 percentage points over the previous month. That of service industry was 57.9 percent, up by 3.7 percentage points over the previous month, and the intermediate input price indices of all industries were above the threshold in January, of which, the intermediate input price indices of railway transport industry, hotel service industry, catering industry stayed at 60 percent and above, and the operation costs of enterprises went up generally.
The subscription price index picked up above the threshold. This index was 50.9 percent, up by 0.9 percentage points over the previous month, which showing that the non-manufacturing subscription price increased. In view of different industries, the subscription price index of construction industry was 51.5 percent, remained at the same level over the previous month. That of services industry was 50.8 percent, an increase of 1.2 percentage points over the previous month, and stayed above the threshold. Of which, the subscription price indices of air transport industry, leasing and business service industry, water transport industry, Internet, software and IT services industry were above the threshold, that of telecommunications, radio, television and satellite transmission services industry, resident services and repairs industry, railway transport industry were below the threshold.
Business activities expectation index dropped back from a high place. This index reached 61.4 percent, down by 3.2 percentage points over last month and still placed highly in the range, which indicating that the non-manufacturing enterprises continued to maintain optimistic about the operating expectation in the future. In view of different industries, the business activities expectation indices of railway transport industry, post industry, Internet, software and IT services industry positioned in a high place which above 70 percent.
Annotations:
1. Explanatory Notes
China non-manufacturing purchasing manager index system constituted by 10 sub-indices, they are business activity index, new orders index, new export orders index in hand orders index, stock index, intermediate input price index, subscription price index, employment index, supplier delivery time index, and business activities expectation index. Due to the lack of synthesis of non-manufacturing integrated PMI index, the international society often used business activity index to reflect the overall changes in non-manufacturing economic development, A PMI reading above 50 percent indicates expansion from the previous month, while below indicates contraction.
2. Statistical Coverage
The survey involves 27 manufacturing industry categories in the "Industrial Classification for National Economic Activities" (GB/T4754-2011), and was conducted in 1200 sampling enterprises of the non-manufacturing sector countrywide.
3. Survey Methods
Non-manufacturing purchasing managers' survey was conducted in PPS (Probability Proportional to Size) sampling method, using the manufacturing sectors as the selecting layers, distribution of sample size was according to their value-added accounted for the proportion of total manufacturing value-added, and samples within layers and the main business revenue of the enterprises were selected by the PPS.
The survey was organized and conducted by staff members of survey offices, monthly through Online Reporting System of NBS by sending survey questionnaires to the purchasing managers of the selected enterprises.
4. Calculation Methods
Non-manufacturing purchasing managers survey involves 10 questions on production, new orders (business required), export, existing orders, finished goods inventory, intermediate input price, subscription price, employees, suppliers delivery time, and business activities expectation. Diffusion index was calculated on each question, i.e. percentage of positive answers in number of enterprises plus half of the percentage in the same answers.
5. Seasonal Adjustment Note
The purchasing manager's survey is a monthly survey, great fluctuations of data which affected by seasonal factors. At present, time series of China's non-manufacturing PMI have met the technical requirements of the seasonally adjustment, and the sub-indices of non-manufacturing PMI data on seasonally adjusted will be released since March 2012.