March official manufacturing PMI was 51.8 for two consecutive months

In March 2017, the China Manufacturing Purchasing Managers Index (PMI) was 51.8%, rising for two consecutive months, up from 0.2 percentage points last month. The manufacturing industry continued to maintain a stable and good trend. In terms of the size of the enterprise, the PMI of large enterprises was 53.3%, which was the same as that of the previous month and continued to maintain a stable expansion. The medium-sized enterprise PMI was 50.4%, which was 0.1 percentage points lower than the previous month, and continued to expand; the small enterprise PMI was 48.6%. The monthly increase was 2.2 percentage points, and the contraction rate narrowed significantly.
From the classification index, among the five sub-indexes that constitute the manufacturing PMI, the production index, the new order index and the supplier delivery time index are above the critical point, the employee index is at the critical point, and the raw material inventory index is below the critical point.
The production index was 54.2%, up 0.5 percentage points from the previous month. It is located in the expansion range, indicating that the growth rate of manufacturing production continues to accelerate.
The new order index was 53.3%, which was 0.3 percentage points higher than the previous month and was above the critical point, indicating that the manufacturing market demand continued to grow.
The employee index was 50.0%, up 0.3 percentage points from the previous month. It was at the critical point, indicating that the manufacturing industry's labor consumption did not change much compared with the previous month.
The raw material inventory index was 48.3%, down 0.3 percentage points from the previous month and continued to fall below the critical point, indicating that the main raw material inventory of the manufacturing industry continued to decline.
The supplier's delivery time index was 50.3%, although it was 0.2 percentage points lower than the previous month, but it was still above the critical point, indicating that the delivery time of manufacturing raw material suppliers was slightly accelerated.

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