In March, Caixin manufacturing PMI fell to 51.2. Labor contracted for 41 consecutive months
in March, Caixin manufacturing PMI fell to 51.2. Labor contracted for 41 consecutive months
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PMI data in March showed that the operation of China's manufacturing industry further increased slightly, but the growth rate of output and new orders slowed down compared with February, The growth rate of new export business fell to the lowest in three months. Employment continued to contract, with a contraction rate similar to that in February, both of which were slight. The recent survey also found that manufacturers are more cautious about inventory control, and the inventory of inputs and finished products decreased in March. Looking forward to the business outlook in the coming year, the optimism of the industry has dropped from the recent peak in February, but the overall remains strong
as a comprehensive indicator summarizing the economic operation of the manufacturing industry with a single value, the seasonally adjusted purchasing managers' index (PMI) recorded 51.2 in March, lower than that in February (51.7), indicating that the overall operation of the manufacturing industry has further improved. Although there is only a small increase, the latest index value is still one of the highest records in the past four years. In March, China's manufacturing output maintained growth for the ninth consecutive month. Many manufacturers reported that the market conditions improved and new orders increased. However, compared with February, the growth rate decreased slightly, and the overall growth rate was only moderate. Like output, the growth rate of new businesses slowed down slightly during the month, but the overall growth rate was still considerable. Data showed that the main reason for the slowdown in the growth of total new orders was the weakening growth of new export business. The growth rate of new export orders in March was the weakest since this year
in March, the contraction trend of manufacturing employment continued to 41 months, but the contraction rate was slight, similar to that in February. At the same time, the signs of capacity pressure are more obvious, and the backlog is further increased, but the overall growth rate is only small. Manufacturers continued to increase procurement during the month, but like output, the growth rate of procurement slowed down compared with February. The delivery speed of input suppliers continues to slow down, but the range is only slight
in addition, manufacturers took a relatively cautious attitude towards inventory during the month, and the purchase inventory decreased slightly, while the finished product inventory, although only slightly decreased, has hit the largest decline in 10 months. At the end of the first quarter, manufacturers found that the increase of input prices further slowed down, but the overall increase was still significant. Output prices also rose in March, but the increase slowed to the smallest in six months. According to the latest survey data, the industry continues to be optimistic about the business outlook in the next 12 months, but the optimism is slightly lower than the recent high set in February, and the image of reducing the aperture can be moved. Part of the confidence of manufacturers comes from the release of new products and the improvement of market conditions
Dr. Zhong Zhengsheng, director of macro research at Monita, Caixin think tank, commented on China's general manufacturing PMI data, saying: "In March 2017, Caixin China's manufacturing PMI recorded 51.2, down 0.5 from the previous month, and the development of the manufacturing industry remained relatively high. In the sub item, the output index, new order index, employment index, etc. fell slightly; the raw material inventory and finished product inventory both entered the contraction range, and the willingness of manufacturers to replenish inventory seemed to decline; the input and output price index was still high, but both fell for three consecutive months. China's economy continued to improve in March, but it was imminent." In the window period of the second quarter, signs of economic weakness have begun to appear, and there may be greater downward pressure in the later period. "