31 March 2017
PMI Report on China Manufacturing
PMI rises to 51.8 in March Output, New Orders, New Export Orders, Purchases of Inputs, Imports, Expanding. Stocks of Finished Goods, Stocks of Major Inputs, Backlogs of Orders, Contracting. Input Prices, Ex-factory Prices, Rising. Suppliers’ Delivery, Faster. Business Expectations, Optimistic.
China’s manufacturing PMI rose from 51.6 in February to 51.8 in March, the highest level in almost five years. The March reading indicates that the manufacturing sector in China has expanded at a fast pace recently.
6 of the 13 sub-indices were higher than their respective levels in the previous month. The new orders index and the new export orders index gained 0.3 pts and 0.2 pts respectively in March, showing an improvement in both domestic and export demand.1 Meanwhile, the output index rose by 0.5 pts from the previous month to 54.2 in March, the highest since August 2014, indicating a rapid growth in output. Also noteworthy is that the input prices index fell from 64.2 in February to 59.3 in March, showing that the prices of production inputs have risen at a slower pace.
By size of enterprises, the PMI of ‘large enterprises’ came in at 53.3 in March, the same as in February. The PMI of ‘medium enterprises’ fell slightly to 50.4 in March from 50.5 in February, while the PMI of ‘small enterprises’ came in at 48.6 in March, up from 46.4 in February.
The output index was 54.2 in March, up from 53.7 in February. The output index of ‘large enterprises’ went down to 56.1 in March from 56.6 in February; the output index of ‘medium enterprises’ was 53.1 in March, up from 51.6 in February; the output index of ‘small enterprises’ rose to 48.8 in March from 45.6 in February.
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