2024年10月PMI点评：经济景气加快改善，政策效应逐步显现

Economic Indicators - In October, the manufacturing PMI index was 50.1%, an increase of 0.3 percentage points from September, marking two consecutive months of recovery and returning to the expansion zone for the first time in six months[3] - The composite PMI output index rose by 0.4 percentage points to 50.8%, indicating two months of accelerated expansion[3] - The non-manufacturing business activity index increased by 0.2 percentage points to 50.2%, reflecting a slight recovery in the non-manufacturing sector[10] Manufacturing Sector Performance - The production index rose by 0.8 percentage points to 52.5%, contributing significantly to the overall PMI increase[3] - The new orders index increased by 0.1 percentage points to 50.0%, reversing a five-month contraction trend[3] - The inventory index for finished goods dropped by 1.5 percentage points to 46.9%, indicating a faster reduction in finished goods inventory[6] Business Confidence and Employment - The purchasing quantity index surged by 1.7 percentage points to 49.3%, showing enhanced willingness to replenish raw materials[6] - The employment index rose by 0.2 percentage points to 48.4%, indicating a continued recovery in employment conditions[5] - The business activity expectation index increased by 2.0 percentage points to 54.0%, reflecting improved confidence among enterprises[6] Enterprise Size Impact - Large and medium-sized enterprises reported PMIs of 51.5% and 49.4%, respectively, with large enterprises experiencing accelerated expansion[7] - Small enterprises saw a PMI decline of 1.0 percentage point to 47.5%, indicating a contraction due to insufficient overall demand[7] Sectoral Analysis - Industries such as general equipment, automotive, and electrical machinery showed rapid production and demand recovery, with indices above 54.0%[8] - The consumer goods sector's PMI fell to 49.5%, indicating a shift from expansion to contraction after three months of growth[9]