【数据发布】2025年5月中国采购经理指数运行情况

Group 1: Manufacturing PMI Overview - In May, the Manufacturing Purchasing Managers' Index (PMI) was 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in manufacturing activity [1] - Large enterprises had a PMI of 50.7%, up 1.5 percentage points, while medium-sized enterprises saw a PMI of 47.5%, down 1.3 percentage points, and small enterprises had a PMI of 49.3%, up 0.6 percentage points [1] - The production index was at 50.7%, rising 0.9 percentage points, indicating an acceleration in production activities [1] Group 2: Manufacturing Sub-Indices - The new orders index was 49.8%, up 0.6 percentage points, suggesting a recovery in market demand [2] - The raw materials inventory index was 47.4%, up 0.4 percentage points, indicating a narrowing decline in inventory levels [2] - The employment index was 48.1%, up 0.2 percentage points, reflecting an improvement in employment conditions within the manufacturing sector [2] - The supplier delivery time index was at 50.0%, down 0.2 percentage points, indicating stable delivery times compared to the previous month [2] Group 3: Non-Manufacturing PMI Overview - In May, the Non-Manufacturing Business Activity Index was 50.3%, a decrease of 0.1 percentage points, but still above the critical point, indicating continued expansion in the non-manufacturing sector [5] - The construction industry business activity index was 51.0%, down 0.9 percentage points, while the service industry index was 50.2%, up 0.1 percentage points [8] Group 4: Non-Manufacturing Sub-Indices - The new orders index for non-manufacturing was 46.1%, up 1.2 percentage points, indicating a rebound in market demand [10] - The input prices index was 48.2%, up 0.4 percentage points, suggesting that input prices remained below the previous month's level [10] - The sales prices index was 47.3%, up 0.7 percentage points, indicating a narrowing decline in sales prices [10] - The employment index for non-manufacturing was 45.5%, stable compared to the previous month, indicating stable employment conditions [10] Group 5: Composite PMI Overview - The Composite PMI Output Index was 50.4% in May, an increase of 0.2 percentage points, indicating that production and business activities continued to expand overall [15]