Editor's note
According to data recently released by the China Federation of Logistics and Purchasing, in March, the global manufacturing PMI was 50.3%, ending the operation trend of less than 50% for 17 consecutive months and returning to the expansion range of more than 50%. What does it mean for the global manufacturing PMI to return to above the boom and bust line? This issue of Think Tank Data will combine the manufacturing PMI of major countries and regions around the world to take you to explore the global economic recovery signals released behind the data.
The global manufacturing industry is recovering at an accelerated pace
■China Economic Times reporter Hu Pan
The global manufacturing industry is recovering at an accelerated pace, leading to a sustained economic recovery.
According to data released by the China Federation of Logistics and Purchasing, in the first quarter, the global economy showed signs of steady growth. In March, the global manufacturing industry continued to accelerate its recovery on the basis of the stable recovery in the previous two months, and the overall recovery momentum was better than that in the fourth quarter of 2023. Among them, the accelerated recovery of manufacturing in China and the United States has contributed to the steady growth of the global economy.
In terms of sub-regions, Asia's manufacturing industry continued to rise steadily, with the manufacturing PMI rising to more than 51%; the manufacturing recovery in the Americas strengthened compared with February, with the manufacturing PMI rising to more than 50%; the recovery of the manufacturing industry in Europe was stable, but weak, with the manufacturing PMI rising slightly from February, but still below 50%; the manufacturing industry in Africa fluctuated, and the manufacturing PMI fell from February and was below 50%.
There are also data showing that in a number of sub-indicators of the global manufacturing PMI, the output, new orders and employment indices have rebounded significantly, the input price index has declined slightly, and the improvement of various important indicators indicates that the global manufacturing industry is expected to continue to maintain a recovery trend in the second quarter. Among them, the growth of the output index indicates that the production capacity of the global manufacturing industry is gradually recovering and the supply capacity of products is increasing; the rise of the new orders index indicates that the market demand for manufactured goods is picking up, which has a positive effect on the improvement of capacity utilization rate and increasing output of the manufacturing industry; the growth of the employment index reflects the improvement of the employment environment of the manufacturing industry, which is conducive to improving the employment confidence of residents; and the decline of the input price index indicates that the production cost of the manufacturing industry has declined, which is conducive to improving the profitability of enterprises.
Overall, the recovery of the manufacturing industry is driving the gradual recovery of the global economy. At the same time, there are also views that whether the global economic recovery can continue to recover rapidly depends on the intensity of the recovery of global market demand, the improvement of the policy environment and the alleviation of adverse factors affecting global trade, and countries must strengthen economic and trade cooperation. In the midst of this, China will continue to expand its opening-up, actively promote international cooperation, and inject Chinese impetus into the global economic recovery and growth.
Chief Producer丨Wang Hui and Che Haigang
Producer丨Li Piguang, Wang Yu, Liu Weimin
Editor-in-Chief丨Mao Jinghui Editor丨Zou Duo