In recent data, the PMI for large enterprises stood at 51.4%, showing a 0.5 percentage point increase from the previous month. This marks the third consecutive month above the critical point, signaling an ongoing upward trend since October. The growth rate has expanded further, contributing positively to the manufacturing sector's economic performance. The overall recovery rate reached 79.7%, marking a 0.4 percentage point improvement from last month, though it remains below the critical threshold. Small businesses saw their PMI drop to 46.1%, declining by 1.1 percentage points from the prior month, which is now the lowest since April 2012.
In November 2012, five components of the manufacturing PMI experienced a noticeable dip. However, the production index rose to 52.5%, increasing by 0.4 percentage points compared to the previous month and remaining above the critical point. This indicates that manufacturing output continues to grow, with the pace accelerating. Across industries, sectors like automobile manufacturing, textiles, apparel, wood processing, furniture, and electrical machinery showed sustained production growth. Tobacco products saw significant production due to seasonal factors, while industries such as food and beverage, special equipment, non-metallic minerals, and chemical products witnessed declines.
The new order index improved to 51.2%, rising by 0.8 percentage points from the previous month. For two consecutive months, it remained above the critical point, suggesting an uptick in customer product orders and enhanced market demand. Industries such as wood processing, furniture, electrical machinery, automobiles, computers, and tobacco products experienced notable increases in demand. Conversely, sectors like special equipment, chemicals, paper printing, and cultural goods faced diminishing orders and slower market demand.
Survey findings revealed that the new export order index and import index for the manufacturing sector were 50.2% and 48.5%, respectively, reflecting a 0.9 and 0.1 percentage point increase from the prior month. The raw material inventory index climbed to 47.9%, up 0.6 percentage points from the previous month. Despite remaining below the critical point, the index has risen for three consecutive months, indicating a narrowing decline in raw material inventories within the manufacturing industry. In specific industries, raw material stocks grew in ferrous metal processing and wood-related sectors but decreased in industries like special equipment, electrical machinery, automobiles, and metal products.
The employment index dropped to 48.7%, falling 0.5 percentage points from the previous month and remaining below the critical point for six consecutive months. This reflects a continuous decline in workforce levels across manufacturing. While some industries like agriculture, food processing, and pharmaceuticals reported increased labor demands, others such as textiles, metal products, and paper printing continued to see shrinking employment.
The supplier delivery time index stood at 49.9%, a 0.2 percentage point decrease from the prior month, just below the critical threshold by 0.1 percentage points. This suggests minimal changes in the delivery times of raw material suppliers compared to the previous month. The purchase price index for major raw materials dipped to 50.1%, a 4.2 percentage point drop from the previous month, nearing the critical point for expansion or contraction. Ferrous metal processing, pharmaceuticals, tobacco, non-metallic minerals, and paper industries saw rising raw material costs, whereas sectors like petroleum refining, chemicals, and wood processing continued to face declining prices.
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