I. Operation of China's Manufacturing Purchasing Managers' Index
In November, the Manufacturing Purchasing Managers' Index (PMI) was 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in the economic climate.
<img src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331799461263_ORIGIN.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331799461263_ORIGIN.png"/>
By enterprise size, the PMI for large enterprises was 49.3%, a decrease of 0.6 percentage points from the previous month, below the critical point; the PMIs for medium and small enterprises were 48.9% and 49.1%, respectively, an increase of 0.2 and 2.0 percentage points from the previous month, both below the critical point.
From the classification index perspective, among the five classification indices that make up the manufacturing PMI, the supplier delivery time index was above the critical point, the production index was at the critical point, while the new orders index, raw material inventory index, and employment index were all below the critical point.
The production index was 50.0%, an increase of 0.3 percentage points from the previous month, at the critical point, indicating overall stability in manufacturing production.
The new orders index was 49.2%, an increase of 0.4 percentage points from the previous month, indicating an improvement in market demand in the manufacturing sector.
The raw material inventory index was 47.3%, unchanged from the previous month, below the critical point, indicating a continued decrease in the inventory of major raw materials in manufacturing.
The employment index was 48.4%, an increase of 0.1 percentage points from the previous month, indicating a slight recovery in employment conditions in manufacturing enterprises.
The supplier delivery time index was 50.1%, an increase of 0.1 percentage points from the previous month, indicating a slight acceleration in the delivery time of raw material suppliers in manufacturing.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/7aec588b-64d2-4aa5-90b8-b5c7650b96d8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/7aec588b-64d2-4aa5-90b8-b5c7650b96d8.png"/>
II. Operation of China's Non-Manufacturing Purchasing Managers' Index
In November, the Non-Manufacturing Business Activity Index was 49.5%, a decrease of 0.6 percentage points from the previous month.
<img src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331799972421_ORIGIN.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331799972421_ORIGIN.png"/>
By industry, the Business Activity Index for the construction industry was 49.6%, an increase of 0.5 percentage points from the previous month; the Business Activity Index for the service industry was 49.5%, a decrease of 0.7 percentage points from the previous month. In the service industry, the Business Activity Index for industries such as railway transportation, telecommunications, broadcasting, television, satellite transmission services, and monetary financial services were all above 55.0%, indicating a high level of prosperity; while the Business Activity Index for industries such as real estate and residential services were all below the critical point.
<img src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331800324074_ORIGIN.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331800324074_ORIGIN.png"/>
<img src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331800782410_ORIGIN.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331800782410_ORIGIN.png"/>
The new orders index is 45.7%, a decrease of 0.3 percentage points from last month, indicating a decline in market demand in the non-manufacturing sector. By industry, the new orders index for construction is 46.1%, an increase of 0.2 percentage points from last month; the new orders index for services is 45.6%, a decrease of 0.4 percentage points from last month.
The input prices index is 50.4%, an increase of 1.0 percentage points from last month, indicating that the overall price level of inputs used by non-manufacturing enterprises for business activities has risen. By industry, the input prices index for construction is 49.7%, an increase of 0.1 percentage points from last month; the input prices index for services is 50.5%, an increase of 1.1 percentage points from last month.
The sales prices index is 49.1%, an increase of 1.3 percentage points from last month, still below the critical point, indicating that the decline in the overall level of sales prices in the non-manufacturing sector has narrowed. By industry, the sales prices index for construction is 48.4%, unchanged from last month; the sales prices index for services is 49.2%, an increase of 1.5 percentage points from last month.
The employment index is 45.3%, an increase of 0.1 percentage points from last month, indicating a slight improvement in the employment situation of non-manufacturing enterprises. By industry, the employment index for construction is 41.8%, an increase of 1.9 percentage points from last month; the employment index for services is 45.9%, a decrease of 0.2 percentage points from last month.
The business activity expectation index is 56.2%, an increase of 0.1 percentage points from last month, indicating that most non-manufacturing enterprises remain optimistic about market development. By industry, the business activity expectation index for construction is 57.9%, an increase of 1.9 percentage points from last month; the business activity expectation index for services is 55.9%, a decrease of 0.2 percentage points from last month.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1ae5c783-c55f-4e0c-8aee-291a278777d0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/1ae5c783-c55f-4e0c-8aee-291a278777d0.png"/>
III. Operation of China's Composite PMI Output Index
In November, the composite PMI output index is 49.7%, a decrease of 0.3 percentage points from last month.
<img src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331800986417_ORIGIN.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.stats.gov.cn/sj/zxfb/202511/W020251130331800986417_ORIGIN.png"/>
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In November, China's manufacturing PMI was 49.2%, an increase of 0.2 percentage points from the previous month, indicating an improvement in the economic climate. The PMI for large enterprises was 49.3%, while the PMIs for medium and small enterprises were 48.9% and 49.1%, respectively. The production index was 50.0%, the new orders index was 49.2%, the raw materials inventory index was 47.3%, the employment index was 48.4%, and the supplier delivery time index was 50.1%. The non-manufacturing business activity index was 49.5%, with the construction industry at 49.6% and the service industry at 49.5%

- In November, China's manufacturing Purchasing Managers' Index (PMI) rose to 49.2%, indicating slight improvement, though large enterprises saw a decline.  
- The non-manufacturing business activity index fell to 49.5%, with construction showing some resilience while services declined, reflecting a drop in market demand.  
- Overall, the composite PMI output index decreased to 49.7%, suggesting ongoing challenges in both manufacturing and non-manufacturing sectors.

China's official manufacturing PMI for November is 49.2