China's official manufacturing PMI for November is 49.2.

　　1. Operation of China's Manufacturing Purchasing Managers’ Index

　　In November, the manufacturing Purchasing Managers’ Index (PMI) was 49.2%, up 0.2 percentage points from the previous month, indicating an improvement in the prosperity level.

　　By enterprise size, the PMI for large enterprises was 49.3%, down 0.6 percentage points from last month, below the threshold; the PMIs for medium and small enterprises were 48.9% and 49.1% respectively, up by 0.2 and 2.0 percentage points from last month, both below the threshold.

　　Looking at the sub-indices, among the five sub-indices comprising the manufacturing PMI, the supplier delivery time index was above the threshold, the production index was at the threshold, while the new orders index, raw material inventory index, and employment index were all below the threshold.

　　The production index was 50.0%, up 0.3 percentage points from last month, at the threshold, indicating that manufacturing production is generally stable.

　　The new orders index was 49.2%, up 0.4 percentage points from last month, indicating an improvement in market demand for manufacturing.

　　The raw materials inventory index was 47.3%, unchanged from last month, below the threshold, indicating the raw material inventories in manufacturing continued to decline.

　　The employment index was 48.4%, up 0.1 percentage points from last month, indicating a slight rebound in the employment prosperity of manufacturing enterprises.

　　The supplier delivery time index was 50.1%, up 0.1 percentage points from last month, indicating a slight acceleration in raw material supplier delivery times for manufacturing.

2. Operation of China's Non-Manufacturing Purchasing Managers’ Index

　　In November, the business activity index for non-manufacturing was 49.5%, down 0.6 percentage points from last month.

　　By sector, the business activity index for construction was 49.6%, up 0.5 percentage points from last month; the business activity index for services was 49.5%, down 0.7 percentage points from last month. In the service sectors, the business activity index for railway transport, telecom, broadcast television and satellite transmission services, and monetary financial services was above 55.0%, in a high prosperity range; the business activity index for real estate, residential services and other sectors was below the threshold.

　　The new orders index was 45.7%, down 0.3 percentage points from last month, indicating a decline in market demand for non-manufacturing. By sector, the new orders index for construction was 46.1%, up 0.2 percentage points from last month; the new orders index for services was 45.6%, down 0.4 percentage points from last month.

　　The input prices index was 50.4%, up 1.0 percentage points from last month, indicating an increase in the overall input price level for non-manufacturing enterprise business activities. By sector, the input prices index for construction was 49.7%, up 0.1 percentage points from last month; the input prices index for services was 50.5%, up 1.1 percentage points from last month.

　　The sales price index was 49.1%, up 1.3 percentage points from last month, still below the threshold, indicating the overall level of sales prices in non-manufacturing narrowed in its decline. By sector, the sales price index for construction was 48.4%, unchanged from last month; the sales price index for services was 49.2%, up 1.5 percentage points from last month.

　　The employment index was 45.3%, up 0.1 percentage points from last month, indicating a slight improvement in employment prosperity in non-manufacturing. By sector, the construction employment index was 41.8%, up 1.9 percentage points from last month; the service employment index was 45.9%, down 0.2 percentage points from last month.

　　The business activity expectation index was 56.2%, up 0.1 percentage points from last month, indicating that most non-manufacturing enterprises remain optimistic about market development. By sector, the business activity expectation index for construction was 57.9%, up 1.9 percentage points from last month; the business activity expectation index for services was 55.9%, down 0.2 percentage points from last month.

3. Operation of China’s Composite PMI Output Index

　　In November, the composite PMI output index was 49.7%, down 0.3 percentage points from last month.

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