9月制造业PMI为49.8%，连续两月回升

Manufacturing PMI Overview - In September, the Manufacturing Purchasing Managers' Index (PMI) was 49.8%, an increase of 0.4 percentage points from the previous month, indicating continued improvement in manufacturing sentiment [1] - Large enterprises reported a PMI of 51.0%, up 0.2 percentage points, while medium-sized enterprises had a PMI of 48.8%, down 0.1 percentage points, and small enterprises reported a PMI of 48.2%, an increase of 1.6 percentage points, but still below the critical point [4] - Among the five sub-indices of the manufacturing PMI, the production index and supplier delivery time index were above the critical point, while the new orders index, raw material inventory index, and employment index were below the critical point [5] Sub-Indices Performance - The production index was 51.9%, up 1.1 percentage points, indicating accelerated production expansion in the manufacturing sector [5] - The new orders index was 49.7%, up 0.2 percentage points, suggesting a continued improvement in market demand [5] - The raw material inventory index was 48.5%, up 0.5 percentage points, indicating a narrowing decline in the inventory of major raw materials [5] - The employment index was 48.5%, up 0.6 percentage points, reflecting an improvement in employment sentiment within manufacturing [5] - The supplier delivery time index was 50.8%, up 0.3 percentage points, indicating faster delivery times from raw material suppliers [5] Non-Manufacturing PMI Overview - In September, the Non-Manufacturing Business Activity Index was 50.0%, a decrease of 0.3 percentage points from the previous month, indicating overall stability in non-manufacturing business volume [9] - The construction industry business activity index was 49.3%, up 0.2 percentage points, while the service industry business activity index was 50.1%, down 0.4 percentage points [11] Non-Manufacturing Sub-Indices Performance - The new orders index for non-manufacturing was 46.0%, down 0.6 percentage points, indicating a decline in market demand [15] - The input price index was 49.0%, down 1.3 percentage points, suggesting a decrease in the overall price level of inputs used by non-manufacturing enterprises [15] - The sales price index was 47.3%, down 1.3 percentage points, indicating a continued decline in the overall sales price level [15] - The employment index for non-manufacturing was 45.0%, down 0.6 percentage points, reflecting a decrease in employment sentiment [17] - The business activity expectation index was 55.7%, down 0.5 percentage points, but still indicating optimism among most non-manufacturing enterprises [17] Comprehensive PMI Overview - The Comprehensive PMI Output Index was 50.6%, an increase of 0.1 percentage points from the previous month, indicating a continued acceleration in production and business activities across enterprises [21]