制造业复苏动能放缓 美国12月制造业PMI降至51.8

Core Insights - The final value of the US manufacturing Purchasing Managers' Index (PMI) for December is 51.8, consistent with previous estimates and market expectations, but down from 52.2 in November, indicating a slowdown in manufacturing activity expansion [1] - The December PMI reading remains above the neutral level of 50, suggesting continued expansion in manufacturing, although at the lowest rate in five months, reflecting a deceleration in recovery momentum [1] Summary by Categories Manufacturing Activity - December manufacturing production continues to grow, but the growth rate has significantly slowed compared to the previous month [1] - New orders have contracted for the first time in a year, indicating emerging weakness in demand [1] Cost Pressures - Input and output price increases have both dropped to their lowest levels in 11 months, suggesting a moderation in cost transmission pressures [1] Economic Outlook - The gap between production growth and declining orders has widened to the largest level since the peak of the 2008 global financial crisis, highlighting potential risks facing the manufacturing sector [1] - Concerns are raised that if demand does not improve soon, current production levels may not be sustainable, potentially leading to capacity cuts and adverse effects on employment and wage data [1] - The December PMI data, while indicating resilience in the manufacturing sector amid multiple economic pressures, also signals that the recovery foundation is not solid, prompting cautious market sentiment regarding future manufacturing and labor market prospects [2]