The Sales Managers Index: China

The First Data on Economic Activity Levels in China - Every Month

Released: 22 November 2021

China Price Index at 8-Year, 6 Month High

The China All-Sector Price Index rose sharply again in November, which, given China's place in the world economy, will impact on prices in many sectors, world wide.

All Indexes aside from the Prices Index recorded fresh lows, mainly reflecting distressed conditions in the manufacturing sector resulting from acute supply chain problems.


China All-Sector: Prices Charged Index



Manufacturing: Price Inflation Close to 9-Year High in November

The Sales Managers Survey shows rampant inflation and a large fall in manufacturing activity. 
The Manufacturing Prices Index was close to a 9 year high in November.

Business Confidence fell to a 20-month low.

Sales Growth Index to an 18-month low.

The Profit Index also declined to an all-time survey low.


China Manufacturing: Prices Charged Index



Services: Sector Outpaces Manufacturing 

Activity related Indexes maintain comfortable growth trajectory.

The November Sales Managers Survey for Services reveals a sharp contrast to the Manufacturing sector, with the three main activity related Indexes all remaining well over the 50 "no change" level.
The Business Confidence Index rose during the month to very positive 54.2 reading. Although both Market and Sales Growth Indexes pulled back from the high levels seen in October, both remained well into the positive zone, reflecting real growth in November.

The Services sector, although modestly impacted by the negative conditions being experienced in the Manufacturing sector, is far less susceptible to the serious supply chain problems that are bedevilling production of physical goods.

The same  benign conditions facing the Services sector are also reflected in the Prices Index, which shows relatively normal price increases over the month, again in sharp contrast to Manufacturing, and in the Profits Index, which registered growth to a ten month high, as to the all time low recorded by the Manufacturing survey.


China Services: Headline Sales Managers Index




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