2026年3月PMI数据解读：3月PMI：出口改善，价格回升

Group 1: PMI Overview - The manufacturing PMI for March is 50.4%, an increase of 1.4 percentage points from the previous month, indicating a return to the expansion zone[1] - The production index for manufacturing rose to 51.4%, up 1.8 percentage points, reflecting accelerated manufacturing activity[3] - The new orders index for manufacturing increased to 51.6%, a rise of 3 percentage points, marking a return to the expansion zone after two months below 50%[3] Group 2: Economic Conditions - The composite PMI output index is 50.5%, up 1.0 percentage points from last month, indicating overall improvement in business activities[8] - The non-manufacturing business activity index is at 50.1%, an increase of 0.6 percentage points, ending two consecutive months below 50%[7] - The equipment manufacturing new orders index rose over 3 percentage points to above 53%[1] Group 3: Price Trends and Cost Pressures - The raw material purchase price index surged to 63.9%, a significant increase of 9.1 percentage points, indicating rising costs in manufacturing[5] - The ex-factory price index rose to 55.4%, up 4.8 percentage points, remaining in the expansion zone for three consecutive months[6] - The geopolitical situation in the Middle East has contributed to rising costs, particularly in the petrochemical sector, affecting the supply chain[6] Group 4: Employment and Business Sentiment - The employment index remains low at 48.6%, indicating ongoing employment pressures and insufficient hiring willingness[21] - The business expectations index for manufacturing rose to 53.4%, up 0.2 percentage points, reflecting optimism among manufacturers[2] - Large enterprises have a PMI of 51.6%, while small and medium enterprises have PMIs of 49% and 49.3%, respectively, showing marginal improvement in smaller firms[4]