高盛：全球PMI监测_美国制造业产出预期改善，其他地区下降

Investment Rating - The report indicates a mixed outlook for manufacturing and services across major developed markets (DMs), with a composite flash PMI of 51.8, reflecting a slight decline of -0.3 points in October [5][11]. Core Insights - Manufacturing output expectations have improved in the US, while they have declined in most other major DMs, highlighting a divergence in economic recovery [4][10]. - The manufacturing flash PMI in the Euro area rose by +1.0 point to 45.9, while it fell by -1.3 points to 50.3 in the UK, indicating varying levels of manufacturing activity across regions [5][6]. - The services sector showed a slight increase in the US, with the services flash PMI rising by +0.2 points to 55.3, contrasting with a significant drop of -3.8 points in Japan to 49.3 [8][10]. Summary by Sections DM Trends - The DM composite flash PMI fell by -0.3 points to 51.8, with the manufacturing component rising by +0.3 points to 47.6 and the services component declining by -0.6 points to 52.7 [5][6]. Country-Level Trends - The manufacturing flash PMI in the Euro area increased by +1.0 point to 45.9, while the UK saw a decrease of -1.3 points to 50.3 [5][6]. Activity Components - The DM flash forward-looking components for manufacturing rose, with the orders-to-inventories ratio increasing by +0.02 to 0.91, and the future activity component for services rose by +2.6 points to 61.2 [9][10]. Inflation-Related Components - Manufacturing suppliers' delivery times lengthened across all major DMs, with the DM average falling by -1.4 points to 48.2 [13][15]. - DM input price PMIs decreased by -1.4 points to 53.9 for manufacturing and by -0.3 points to 58.0 for services, while output price PMIs fell by -0.6 points to 52.0 for manufacturing and by -1.4 points to 52.2 for services [15][16].