凯德北京投资基金管理有限公司：美国制造业仍然保持扩张态势

Core Insights - The U.S. manufacturing sector continued to show growth in June, with the Purchasing Managers' Index (PMI) remaining at 52, indicating expansion since it is above the neutral level of 50 [1][3] - Key inflation indicators reached their highest levels since July 2022, with the raw materials price index rising significantly by 5.4 to 70, marking the largest monthly increase in four years [3][5] - The strong job market is supporting consumer demand, but supply chain issues and tariff policies are driving up production costs, leading many companies to raise prices [5][6] Group 1 - The U.S. manufacturing PMI held steady at 52 in June, the highest since February, indicating ongoing expansion in the sector [1] - The raw materials price index increased by 5.4 to 70, reflecting significant cost pressures on manufacturers [3] - Employment growth in the manufacturing sector reached its fastest pace in a year, driven by strong domestic demand [3][5] Group 2 - Companies are facing challenges from supply chain issues and rising costs due to tariffs, which may sustain inflationary pressures [5] - The adjustment of inventory strategies by manufacturers will impact production plans in the coming months, providing insights into economic trends [6] - The Federal Reserve may face difficult decisions between supporting economic growth and controlling inflation due to the concurrent expansion and price pressures in the manufacturing sector [5]