According to the website of the National Bureau of Statistics, today, the Service Industry Survey Center of the National Bureau of Statistics and the China Logistics and Procurement Federation released the operation of the China Procurement Manager Index for May 2023. 1、 The Operation of China's Manufacturing Purchasing Managers' Index In May, the Manufacturing Purchasing Managers' Index (PMI) was 48.8%, a decrease of 0.4 percentage points from the previous month, below the critical point, and the level of manufacturing prosperity slightly declined. From the perspective of enterprise scale, the PMI of large enterprises is 50.0%, an increase of 0.7 percentage points compared to the previous month, which is at the critical point; The PMI of small and medium-sized enterprises was 47.6% and 47.9% respectively, a decrease of 1.6 and 1.1 percentage points compared to the previous month, below the critical point. From the perspective of sub indices, among the five sub indices that make up the manufacturing PMI, the supplier delivery time index is above the critical point, while the production index, new order index, raw material inventory index, and employee index are all below the critical point. The production index was 49.6%, a decrease of 0.6 percentage points from the previous month, indicating a slowdown in manufacturing production activity. The new order index was 48.3%, a decrease of 0.5 percentage points from the previous month, indicating that the demand in the manufacturing market continues to decline. The raw material inventory index was 47.6%, a decrease of 0.3 percentage points from the previous month, indicating an expansion of the decline in major raw material inventory in the manufacturing industry. The employee index was 48.4%, a decrease of 0.4 percentage points from the previous month, indicating a decrease in the employment prospects of manufacturing enterprises. The supplier delivery time index is 50.5%, an increase of 0.2 percentage points from the previous month, indicating that the delivery time of raw material suppliers in the manufacturing industry continues to accelerate. 2、 The operation of China's non manufacturing purchasing managers' index In May, the non manufacturing business activity index was 54.5%, a decrease of 1.9 percentage points from the previous month, still above the critical point, and the non manufacturing industry continued to recover growth. By industry, the business activity index of the construction industry was 58.2%, a decrease of 5.7 percentage points compared to the previous month; The business activity index of the service industry was 53.8%, a decrease of 1.3 percentage points from the previous month. From a specific industry perspective, the business activity index of industries such as railway transportation, water transportation, air transportation, telecommunications, broadcasting, television, and satellite transmission services, internet software, and information technology services is in the high prosperity range of over 60.0%; The business activity index of industries such as capital market services and real estate is below the critical point. The new order index was 49.5%, a decrease of 6.5 percentage points from the previous month, below the critical point, indicating a decline in demand in the non manufacturing market. Looking at different industries, the new order index of the construction industry was 49.5%, a decrease of 4.0 percentage points compared to the previous month; The index of new orders in the service industry was 49.5%, a decrease of 6.9 percentage points compared to the previous month. The input price index was 47.4%, a decrease of 3.7 percentage points compared to the previous month, below the critical point, indicating that the overall level of input prices used for business activities by non manufacturing enterprises has shifted from an upward trend to a downward trend. Looking at different industries, the input price index of the construction industry was 44.7%, a decrease of 3.4 percentage points compared to the previous month; The service industry input price index was 47.9%, a decrease of 3.8 percentage points from the previous month. The sales price index is 47.6%, which is higher than