In February, non-manufacturing purchasing manager index was 54.5 percent, a decrease of 1.7 percentage points over the previous month.
In view of different industries, non-manufacturing purchasing manager index of construction industry achieved 58.0 percent, down by 3.6 percentage points over the previous month, continued to stay above the threshold. That of services industry was 53.6 percent, down by 1.3 percentage points than that in the previous month. Of which, the indices of air transport industry, ecological protection, environmental management and public facilities administration industry, loading, unloading and warehousing industry, retail trade industry, railway transport industry, road transport industry stayed at 60 percent and above, and the total enterprise business increased sharply, while the total enterprise business of wholesale trade industry, hotel service industry, resident services and repairs industry, Internet, software and IT services industry decreased.
New orders index continued to stay above the threshold. The new orders index was 51.8 percent, a decrease of 1.9 percentage points over the previous month, still above the threshold, which indicating that the market demand of non-manufacturing industry maintained an upward trend, but the amount of increase has narrowed. In view of different industries, the new orders index of construction industry was 54.0 percent, down by 2.7 percentage points over the previous month. The new orders index of service industry was 51.2 percent, 1.8 percentage points lower over the previous month. Of which, the new orders indices of air transport industry, ecological protection, environmental management and public facilities administration industry, loading, unloading and warehousing industry, retail trade industry, railway transport industry, road transport industry, telecommunications, radio, television and satellite transmission services industry, leasing and business service industry, post industry were above the threshold, and the market demands increased, while the new orders indices of resident services and repairs industry, Internet, software and IT services industry, wholesale trade industry, real estate industry, water transport industry were below the threshold, and the market demands dropped back.
Intermediate input price index decreased, reached 56.2 percent, down by 2.0 percentage points over last month, indicating that the intermediate input price during the process of production and operation of non-manufacturing enterprises continued to rise, while the amount of rise decreased. In view of different industries, the intermediate input price index of construction industry was 56.4 percent, a decrease of 3.1 percentage points over the previous month. That of service industry was 56.2 percent, down by 1.7 percentage points over the previous month, except for water transport industry, the intermediate input price indices of other industries were all above the threshold, of which, the indices of hotel service industry, air transport industry, catering industry, retail trade industry, leasing and business service industry were located in a high level, and the operation costs of enterprises increased obviously.
The subscription price index went up continuously. This index was 51.1 percent, up by 0.2 percentage point over the previous month, and stayed above the threshold for two consecutive months, which showing that the non-manufacturing subscription price continued to increase slightly. In view of different industries, the subscription price index of construction industry was 50.6 percent, down by 0.9 percentage point over last month. That of services industry was 51.3 percent, an increase of 0.5 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, railway transport industry, ecological protection, environmental management and public facilities administration industry, road transport industry were above the threshold, that of Internet, software and IT services industry, telecommunications, radio, television and satellite transmission services industry, hotel service industry, post industry, resident services and repairs industry, water transport industry were below the threshold.
Business activities expectation index picked up from a high place. This index reached 62.7 percent, up by 1.3 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 ecological protection, environmental management and public facilities administration industry, Internet, software and IT services industry, post industry, telecommunications, radio, television and satellite transmission 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.
