2026年1月中国采购经理指数运行情况

Group 1: Manufacturing PMI Overview - The manufacturing Purchasing Managers' Index (PMI) for January is 49.3%, a decrease of 0.8 percentage points from the previous month, indicating a decline in manufacturing activity [1] - Large enterprises have a PMI of 50.3%, down 0.5 percentage points, while medium and small enterprises have PMIs of 48.7% and 47.4%, down 1.1 and 1.2 percentage points respectively, both below the critical point [4] - The production index is at 50.6%, down 1.1 percentage points but still above the critical point, suggesting continued expansion in manufacturing production [4] Group 2: Manufacturing Demand and Supply Indicators - The new orders index is at 49.2%, a decline of 1.6 percentage points, indicating a slowdown in market demand for manufacturing [5] - The raw materials inventory index is at 47.4%, down 0.4 percentage points, showing a continued decrease in the inventory of major raw materials [6] - The employment index is at 48.1%, down 0.1 percentage points, indicating a slight decline in employment conditions within manufacturing [7] - The supplier delivery time index is at 50.1%, down 0.1 percentage points but still above the critical point, indicating that supplier delivery times are continuing to accelerate [8] Group 3: Non-Manufacturing PMI Overview - The non-manufacturing business activity index for January is 49.4%, a decrease of 0.8 percentage points from the previous month [12] - The construction business activity index is at 48.8%, down 4.0 percentage points, while the service industry index is at 49.5%, down 0.2 percentage points [14] Group 4: Non-Manufacturing Demand and Price Indicators - The new orders index for non-manufacturing is at 46.1%, a decline of 1.2 percentage points, indicating a decrease in market demand [18] - The input price index is at 50.0%, down 0.2 percentage points, indicating stable input prices for non-manufacturing activities [18] - The sales price index is at 48.8%, an increase of 0.8 percentage points, suggesting a narrowing decline in overall sales prices [18] Group 5: Employment and Expectations in Non-Manufacturing - The employment index for non-manufacturing is at 46.1%, remaining stable compared to the previous month [20] - The business activity expectation index is at 56.0%, down 0.5 percentage points but still indicating optimism among non-manufacturing enterprises [20] Group 6: Comprehensive PMI Overview - The comprehensive PMI output index for January is 49.8%, a decrease of 0.9 percentage points, indicating a slowdown in overall production and business activities compared to the previous month [23]