2024年10月PMI点评：政策驱动制造业景气度重回扩张

Economic Indicators - The manufacturing PMI for October is 50.1%, an increase of 0.3 percentage points from the previous month[1] - The production index stands at 52.0%, up by 0.8 percentage points month-on-month[1] - The new orders index is at 50.0%, showing a slight increase of 0.1 percentage points[1] Price Dynamics - The factory price index is at 49.9%, rising by 5.9 percentage points from last month[1] - The main raw material purchase price index is at 53.4%, an increase of 8.3 percentage points[1] - The gap between factory prices and purchase prices widened from -1.1% to -3.5%[1] Sector Performance - The non-manufacturing PMI is at 50.2%, a rise of 0.2 percentage points from the previous month[1] - The services PMI is at 50.1%, also up by 0.2 percentage points, but remains weak due to slow income growth[1] - The construction PMI is at 50.4%, down by 0.3 percentage points, indicating a slowdown in expansion[1] Risks and Outlook - Economic indicators such as employment, income, and corporate profits have not stabilized yet[1] - Risks include slow improvement in consumer confidence and uncertainties in external demand due to the U.S. elections[1]