Financial New China Manufacturing Manager Index (PMI) recorded 50.6 in September, which maintained in the expansion range, but a slight decrease of 0.4 percentage points from the previous month, showing that the recovery of factory activities slowed down.At the same time, the service industry PMI recorded 50.2 in September, a new low of the year in the second consecutive month.

According to the data published by Caixin.com Sunday (October 1), Caixin China Manufacturing Industry PMI has been on the fourth time in the past five months, showing that the prosperity of the manufacturing industry has continued to recover.But the speed of recovery has slowed down.

This trend is different from the official manufacturing PMI trend released by the National Bureau of Statistics of China on Saturday (September 30).In September, China's official manufacturing PMI recorded 50.2, which was higher than 0.5 percentage points in August. It rose to the expansion range for the first time since April.

From the perspective of Caixin China Manufacturing PMI Speed Index, in September, manufacturing supply and demand expanded simultaneously, the production index rose in the expansion range, the new order index fell in the expansion range, and the new export order index was in the expansion range.Rongku's offline has picked up, showing that the growth of the total number of new orders is mainly driven by domestic demand.

After the manufacturing employment has improved significantly in August, it has fallen again in September. In the past seven months, it is located in the contraction range for the sixth months.According to investigating companies, the cutting costs and not filing the vacancy after the reduction of costs and voluntary departure of personnel is an important reason for the use of work to reproduce.The employment of consumer goods, investment products, and middle -quality production enterprises has deteriorated.

The rise in production demand has driven the further expansion of procurement, and the increase in raw material inventory.Affected by the severe weather in some areas, the logistics situation has deteriorated slightly, which also affects the delivery of some products, leading to a slight increase in the inventory of the finished products.In addition, the prices of raw materials such as industrial metals, chemicals, crude oil and other raw materials in September have risen, promoting the rise in manufacturing costs, and the purchase price index of the manufacturing industry has recorded a new high since February this year.

Thanks to the good market demand, manufacturing companies can pass high costs to downstream, and the manufacturing price out of factory prices has ended for six consecutive months.

Although the industry holds the expected growth of production prospects in the next year, the manufacturing production and operation index has recorded a new low since October 2022.It is reported that the optimistic mentality is related to factors such as improvement of demand expectations, new product development, and new equipment investment; enterprises' concerns about the prospects are mainly due to weak external demand.

Wang Yan, a senior economist of Caixin Think Tank, analyzed that the prosperity of the manufacturing industry continued to maintain a slow recovery trend in September.He pointed out that in the past few months, the policy was densely introduced, and the macroeconomic showed signs of stability. However, the foundation of the repair was still unstable, the domestic demand in China was still insufficient, the external uncertainty was still more, and the pressure on the employment market was still large.

On the other hand, in September, the PMI of Caixin China ’s service industry recorded 50.2, down 1.6 percentage points from the previous month. Although the ninth consecutive month is higher than the critical point, it is a new low in the year.

Reporting pointed out that the expansion of the service industry's supply and demand has slowed down significantly, the external demand has improved but it is still weaker than expected. Employment is "weak and improved". The overall optimism of entrepreneurs is limited.Sale.