2024年8月PMI点评：制造业景气度持续收缩

Economic Overview - Manufacturing sector has been contracting since May, with the August manufacturing PMI at 49.1%, down from 49.4% in July[2] - New orders index and import index for August are at 48.9% and 46.8%, respectively, both lower by 0.4 and 0.2 percentage points from the previous month[2] - Production index for August is at 49.8%, indicating a contraction for the first time since March[2] Price Trends - August factory price index and major raw material purchase price index are at 42.0% and 43.2%, down by 4.3 and 6.7 percentage points from last month[2] - The gap between factory prices and purchase prices has narrowed from -3.6% to -1.2%[2] Supply and Demand Dynamics - The new orders to production index for August is -0.9%, indicating a widening gap in supply-demand balance[2] - Economic momentum index (new orders - finished goods inventory) fell from 1.5% to 0.4%, reflecting a downward trend since June[2] Non-Manufacturing Sector - Non-manufacturing PMI for August is at 50.3%, slightly up from 50.2%, indicating expansion[2] - Service sector PMI for August is at 50.2%, showing improvement driven by summer consumption[2] - Construction sector PMI for August is at 50.6%, down from 51.2%, marking four consecutive months of slowing expansion[2] Risks - Domestic growth stabilization efforts are perceived as weak and slow[2] - Geopolitical risks remain a concern for the economic outlook[2]