Both the total volume of new business and the volume of new export orders both accelerated from July, resulting in the largest contraction rate since November 2011. As production demand declined, companies reduced their purchases accordingly, and the number of purchases was the most significant reduction since March 2009. Weak customer demand led to a backlog of finished product inventory for the first time in six months. At the same time, weaker demand also led to a sharp drop in input costs and output prices during the month.
As a comprehensive index that summarizes the economic performance of manufacturing industries by a single number, the value of the general manufacturing manufacturing purchasing managers index (PMI) in August (adjusted seasonally) in August was 47.3, slightly higher than the previously released initial value ( 47.1), but lower than July (47.8), and is below the 50.0 cut-off for the sixth consecutive month, and this month's slowdown in manufacturing operations is the most significant since March 2009.
Data for August showed that the total volume of new manufacturing business in China's manufacturing industry contracted for the second consecutive month, and it had the most significant contraction rate in 17 months. The interviewed manufacturers generally stated that the deterioration of the market conditions during the month caused the demand of customers at home and abroad to weaken. At the same time, the volume of new export business also hit the largest decline in more than two years. In view of the weakening of customer demand, manufacturers shrank production in August, and the monthly output contraction rate hit the highest record since November 2011. In August, the drop in production demand led manufacturers to further reduce their purchases. The decrease in purchases intensified in July, which was the most significant since March 2009. As a result, purchasing inventory fell during the month, but the decline was still small. Finished goods inventory, on the other hand, saw a slight increase in August, and many manufacturers indicated that sales volume had fallen, resulting in a backlog of finished products.
In August, China's manufacturing sector compressed employment for 22 consecutive months, and the contraction rate of employment exceeded July, approaching the 76-month record set in June. The monthly backlog of workload rose for the fourth month in a row, but at a slight rate. In August, the total input cost of China's manufacturing industry fell further. Many of the interviewed manufacturers stated that the reason was related to the decrease in raw material costs. Although the price reduction of input products slowed down compared with July, it was still substantial overall. As with the trend of cost burden, the ex-factory price of manufacturing products also declined in August, and the current round of price reductions has continued for 13 months. The survey revealed that the interviewed manufacturers passed down the input costs to customers through price cuts, and also to attract new businesses.
In August, Caixin China Integrated PMI? Data (including manufacturing and service industries) show that China’s total economic activity has slowed down, and the new comprehensive financial output index has fallen from 50.2 in July to 48.8, which is lower than the 50.0 threshold. Although the shrinkage rate is still small, Sets the most significant output contraction rate since February 2009. In August, the overall output returned to shrink, mainly due to the accelerated contraction in manufacturing production. Manufacturing output in the month was the largest reduction in 45 months. At the same time, the slowdown in the growth rate of business operations in the service industry has also contributed to the overall index. The financial new China general service business activity index recorded 51.5 in August, which was lower than July (53.8), setting the record for the lowest growth rate in the 13-month expansion period.
In August, the total volume of new orders in the service industry also showed signs of slowing growth, and new business growth this month was the lowest in more than a year. The survey showed that the relatively weak market conditions recently affected customer demand. At the same time, new orders for the manufacturing sector continued to contract this month, and the contraction rate increased, which was the most significant in 17 months. Taken together, the total volume of new business has declined for the first time since April 2014, but the decline has been slight. In August, the slowdown in business activities and new orders caused service companies to reduce their employment growth. During the current two-year expansion period, the growth rate was the weakest this month, which was only slightly. The employment in the manufacturing industry continued to contract, and the contraction rate slightly increased from the previous month. Therefore, the scale of comprehensive employment has dropped slightly for the third consecutive month.
In August, the backlog of service industries fell for the seventh consecutive month, but the overall decline was modest. According to the surveyed companies, the growth of new business slowed down and the company was able to clear the backlog business. The backlog in the manufacturing industry increased, but the overall backlog remained slight. The two combined, the overall backlog of workload continued to decline for the fifth consecutive month, but the magnitude was only minor. In August, the price trends of the manufacturing and service industries continued to perform differently. The input costs of service companies continued to rise slightly while the input costs of manufacturing industries dropped significantly. The significant decline in the cost burden of manufacturing has also led to an overall drop in investment costs for the 12th consecutive month, with a moderate decline. In August, service companies raised their prices slightly for the second consecutive month. In manufacturing, on the other hand, the ex-factory price of products has fallen by the largest since January.
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