全球制造业景气度跟踪：9月，传统旺季下的新低

Global Manufacturing Trends - The global manufacturing PMI for September recorded a significant drop to 48.8, down 0.8 percentage points from the previous month, indicating a move towards contraction[15] - Emerging markets experienced a decline of 1 percentage point, marking the first entry into contraction territory in 19 months[18] - New orders index fell by 1.6 percentage points to 47.3, reaching a historical low for the past three years[21] Regional Insights - In the United States, the ISM manufacturing PMI remained flat at 47.2, with production index rising by 5 percentage points but employment and price indices showing significant declines[39] - China's manufacturing PMI rose to 49.8, up 0.7 percentage points, with production index increasing to 51.2, indicating a seasonal recovery[28] - The Eurozone's manufacturing PMI dropped to 45.0, reflecting continued contraction in the region[19] Economic Implications - The current global manufacturing environment suggests a need for more policy support to stimulate economic activity[15] - Seasonal recovery patterns observed in China contrast with the overall global trend, highlighting regional disparities in manufacturing performance[21] - The persistent contraction in emerging markets raises concerns about global economic stability and growth prospects[18]