全球制造业景气度跟踪：进一步回落

Global Manufacturing PMI Trends - The global manufacturing PMI for July recorded 49.7, a significant decline of 1.1 percentage points, entering the contraction zone[4] - The output and new orders indices fell by 2.1 and 1.9 percentage points, respectively, with new orders dropping to 48.8[4] - Developed markets' PMI decreased to 48.8, while emerging markets remained in expansion at 50.7[6] Regional Insights - The US manufacturing PMI fell by 1.7 percentage points to 46.8, with notable declines in production and employment indices[17] - China's manufacturing PMI slightly decreased to 49.4, with production and new orders showing signs of contraction[11] - India's manufacturing PMI remained robust at 58.1, indicating strong growth compared to other regions[6] Inventory and Pricing Dynamics - Global manufacturing is experiencing a "passive destocking" phase, with raw material inventories declining while finished goods inventories show signs of reduction[14] - The purchasing price index in China fell to 49.9, indicating a drop below the neutral line, while the factory price index decreased to 46.3[15] - In the US, the price index rose to 52.9, suggesting persistent inflationary pressures despite overall manufacturing contraction[23]