2024年8月PMI数据点评：制造业弱势持续，但拐点渐近

Group 1: Manufacturing PMI Insights - The manufacturing PMI for August 2024 decreased by 0.3 percentage points to 49.1%, below market expectations and remaining below the critical line for four consecutive months[2][3]. - The new orders index fell to 48.7%, down 0.4 percentage points from the previous month, marking five months of decline[3][4]. - The production index dropped to 49.8%, transitioning from expansion to contraction after five months of growth[3][4]. Group 2: Employment and Business Expectations - The employment index for August decreased by 0.2 percentage points to 48.1%, indicating a weak job market[3][4]. - Business activity expectations index recorded at 52%, down 1.1 percentage points from last month, yet still optimistic[3][4]. Group 3: Non-Manufacturing Sector Performance - The non-manufacturing business activity index rose by 0.1 percentage points to 50.3%, slightly above market expectations[2][12]. - The service sector's business activity index increased to 50.2%, supported by summer consumption, while the construction sector's index fell to 50.6% due to adverse weather conditions[12][13]. Group 4: Price Indices and Inventory Trends - The purchasing price index fell by 6.7 percentage points to 43.2%, the lowest since June 2023, reflecting weak demand[9][11]. - The finished goods inventory index rose to 48.5%, but remained below the critical line for 18 months, indicating a weak replenishment trend[9][11].