MRO行业数据跟踪点评报告：24年9月美国宏观数据有所回暖，8月MRO行业由价格推动增长

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market by more than 5% in the next six months [15]. Core Insights - The MRO industry in the U.S. showed signs of recovery in September 2024, with macroeconomic data improving and growth driven primarily by price increases in August [1]. - The ISM Manufacturing PMI remained stable at 47.2, while the ISM Services PMI increased to 54.9, indicating a continued recovery in the services sector [1]. - The probability of an economic recession in the U.S. over the next 12 months decreased to 56.2% from 60.8%, reflecting a more optimistic outlook [1]. - The ADP reported an increase of 143,000 new jobs in August, up from 99,000 in the previous month, suggesting a positive trend in employment [1]. - The capacity utilization rate for all industrial sectors in the U.S. rose to 78.0% in August, up from 77.4% [1]. - The MRO industry's growth in August was primarily driven by price increases, with the PPI for private capital equipment rising by 2.5% year-on-year [1]. - U.S. private domestic investment grew by 7.4% year-on-year in Q2 2024, up from 6.0% in the previous quarter, indicating a strengthening investment environment [1]. Summary by Sections Macroeconomic Data - In September 2024, U.S. macroeconomic data showed improvement, with key indicators such as the ISM Manufacturing PMI and ISM Services PMI reflecting stability and recovery [1]. - The overall economic outlook improved as the probability of recession decreased and employment figures showed positive growth [1]. MRO Industry Performance - The MRO industry experienced growth in August, primarily attributed to price increases rather than volume [1]. - The PPI for private capital equipment rose by 2.5% year-on-year, indicating upward price pressure in the MRO sector [1]. Investment Trends - U.S. private investment and exports showed significant growth in Q2 2024, with GDP growth also improving, suggesting a favorable environment for the MRO industry [1].