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PMI is a composite index that is weighted by five major diffusion indices in accordance with internationally accepted practices. Usually the PMI index is above 50%, reflecting the overall expansion of the economy; below 50%, reflecting the economic recession.
In response to the survey of manufacturing purchasing managers in May, special analyst Zhang Liqun said that the PMI index continued to remain above 50% in May, indicating that the economy will continue to pick up. A slight decline from last month is a normal change. The fluctuation of the PMI index above 50%, as long as it is not a continuous change in one direction, generally does not have a trending significance.
In May, China's manufacturing PMI index remained basically stable. Compared with April, in the PMI index system, although the sub-indices have risen and fallen, the increase or decrease is not large. Among them, the new export order index, finished goods inventory index and purchase price index rose, with an increase of between 1 and 1.8 percentage points; the rest of the indices were slightly down, and the decline was within 0.5 percentage points.
Among the 20 industries, 14 industries including beverage manufacturing, tobacco products, petroleum processing and coking, electrical machinery and equipment manufacturing, ferrous metal smelting and rolling processing industries are higher than 50%; chemical raw materials and chemical products manufacturing, General equipment manufacturing, wood processing and furniture manufacturing, textiles, metal products, and pharmaceutical manufacturing industries are less than 50%.
Zhang Liqun said that the economic operation in January-April shows that China's economic recovery has taken initial shape, but it has not yet reached a high degree of prosperity. The continuous improvement of the PMI index above 50% tends to be stable, which has a lot to do with it. As the growth of investment and consumer demand continues to increase, the pulling effect on the production of enterprises is constantly increasing. These are also reflected in the new order index. It is expected that the future economic growth level will continue to increase.
May Purchasing Managers Index fell slightly to maintain economic expansion
China Federation of Logistics and Purchasing announced on the 1st that the Purchasing Managers' Index (PMI) for May was 53.1, down 0.4 percentage points from the previous month.