美国8月Markit制造业PMI意外创三年多新高，通胀压力加剧

Group 1 - The core viewpoint of the article indicates that the U.S. manufacturing PMI has expanded at its fastest pace in over three years due to stronger demand, which has also pushed the composite PMI, including services, to its highest level of the year in August [1][7] - The initial reading of the U.S. August Markit manufacturing PMI is 53.3, the highest since May 2022, surpassing expectations of 49.7 and the previous value of 49.8. Both manufacturing output and backlog orders have reached their highest levels since mid-2022, while new orders have risen to their highest level since February 2024 [3][4] - The strong demand has led manufacturers to accelerate hiring, with employment growth reported as the strongest since March 2022 [4] Group 2 - The U.S. August Markit services PMI initial value is 55.4, a two-month low, but still indicates healthy business activity. The sales index has shown the fastest growth of the year, while the unfinished business index remains at its strongest level since May 2022 [6] - The composite PMI for August is 55.4, marking a nine-month high, exceeding expectations of 53.5 and the previous value of 55.1. The report indicates that rising import tariffs have pushed the sales price index to a three-year high, with consumers bearing the cost pressure as service firms' charge index also reaches a three-year peak [6][8] - Analysts suggest that the latest Markit PMI data reflects strong demand in the U.S. as the second half of the year begins, contributing to an optimistic economic outlook but also intensifying ongoing inflationary pressures [7] Group 3 - Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, states that the strong PMI reading for August further indicates robust performance by U.S. businesses in the third quarter, aligning with an annualized growth rate of 2.5%, which is higher than the average growth rate of 1.3% in the first two quarters of the year [8] - Both manufacturing and service sectors report stronger demand, but they face challenges in meeting sales growth, leading to a significant increase in backlog orders and record growth in finished goods inventory due to concerns over future supply conditions [8] - The rebound in demand has spurred a surge in hiring, enhancing companies' pricing power, which has led to increased pass-through of tariff-related cost increases to customers, resulting in inflationary pressures reaching a three-year high [8]