11月官方PMI数据快报

Economic Indicators - The manufacturing PMI for November 2024 is 50.3%, an increase of 0.2 percentage points from the previous month, exceeding the expected 50.2%[2] - The non-manufacturing business activity index decreased to 50.0%, down 0.2 percentage points from last month[2] - The composite PMI output index remains stable at 50.8%, unchanged from the previous month[2] Demand and Supply Dynamics - New orders and production indices rose by 0.8 and 0.4 points respectively, indicating steady growth in both demand and supply[2] - The price index continues to decline, suggesting insufficient inventory destocking[2] - The construction business activity index fell to 49.7%, marking the first drop below the critical value in nearly a decade, excluding pandemic-related anomalies[2] Sector Performance - The service sector business activity index remained flat at 50.1%, indicating low historical levels of consumer demand post the October holiday season[2] - Manufacturing is performing better than non-manufacturing, while the service sector outperforms the construction sector, reflecting a weakening economic recovery momentum but structural improvements[2] Future Outlook - Attention is directed towards the upcoming December Politburo meeting and the Central Economic Work Conference, with expectations for sustained economic recovery if policy measures continue[2]