10月份三大重点行业PMI继续位于扩张区间—— 我国经济总体产出保持稳定

Core Insights - The manufacturing Purchasing Managers' Index (PMI) for October is at 49.0%, a decrease of 0.8 percentage points from the previous month, indicating a slowdown in manufacturing activity [1] - The non-manufacturing business activity index is at 50.1%, an increase of 0.1 percentage points from last month, suggesting stability in the non-manufacturing sector [1] - The comprehensive PMI output index is at 50.0%, down 0.6 percentage points from the previous month, reflecting overall economic stability [1] Manufacturing Sector - Manufacturing production and new orders indices are at 49.7% and 48.8%, respectively, down 2.2 and 0.9 percentage points from last month, indicating a decline in production and market demand [1] - High-tech manufacturing, equipment manufacturing, and consumer goods industries have PMIs of 50.5%, 50.2%, and 50.1%, respectively, all remaining in the expansion zone and significantly above the overall manufacturing level [1] Enterprise Size Analysis - The PMIs for large, medium, and small enterprises are 49.9%, 48.7%, and 47.1%, showing a decline of 1.1, 0.1, and 1.1 percentage points, respectively, indicating varying levels of economic activity [2] - Large enterprises have production and new orders indices at 50.9% and 50.1%, respectively, remaining in the expansion zone for six consecutive months [2] Price Trends - The equipment manufacturing purchase price index and factory price index have risen for three consecutive months, with the factory price index reaching a new high since June 2024 [2] - High-tech manufacturing purchase and factory price indices have also increased, with the factory price index hitting a new high for the year [2] Non-Manufacturing Sector - The non-manufacturing business activity index is at 50.1%, indicating a slight increase and stability in operations [3] - The service sector business activity index is at 50.2%, reflecting a recovery in service sector activity, while the construction sector index is at 49.1%, showing a decline [2][3] Consumer Behavior - Holiday consumption has supported the stability of the non-manufacturing sector, with positive performance in travel, shopping, tourism, and dining [3] - Investment and consumption-related activities are showing positive changes, contributing to the overall economic stability [3]