国家统计局服务业调查中心首席统计师霍丽慧解读2026年1月中国采购经理指数

Group 1: Manufacturing PMI Insights - In January, the Manufacturing Purchasing Managers' Index (PMI) decreased to 49.3%, indicating a decline in economic sentiment compared to the previous month [2][3] - The production index remained above the critical point at 50.6%, suggesting continued expansion in manufacturing production, while the new orders index fell to 49.2%, reflecting a decrease in market demand [3] - Price indices for major raw materials and factory prices rose to 56.1% and 50.6%, respectively, marking the first time in nearly 20 months that the factory price index exceeded the critical point [3][4] Group 2: Non-Manufacturing PMI Insights - The Non-Manufacturing Business Activity Index fell to 49.4%, indicating a decline in overall non-manufacturing sentiment [5] - The service sector's business activity index decreased slightly to 49.5%, with financial services and capital market services showing high activity levels above 65.0%, while the real estate sector dropped below 40.0% [5] - The construction sector's business activity index fell significantly to 48.8%, influenced by adverse weather and the upcoming holiday, with a cautious outlook reflected in the business activity expectation index dropping to 49.8% [5] Group 3: Comprehensive PMI Insights - The Comprehensive PMI Output Index was recorded at 49.8%, indicating a slowdown in overall business activities compared to the previous month [6][7] - The manufacturing production index and non-manufacturing business activity index contributed to this comprehensive index, standing at 50.6% and 49.4%, respectively [7]