5月PMI数据解读：关税影响暂时缓解，消费性服务业展现韧性

Group 1: PMI Data Overview - The manufacturing PMI for May is 49.5, an increase of 0.5 percentage points from April[2] - The non-manufacturing PMI is 50.3, a decrease of 0.1 percentage points from April[2] - Overall PMI data shows improvement, indicating reduced economic pressure compared to April[3] Group 2: Production and Demand Insights - Production index rose to 50.7, above the neutral line, while demand recovery was less pronounced[4] - New orders increased by 0.6 percentage points to 49.8, and new export orders rose by 2.8 percentage points to 47.5[4] - The "production-demand gap" expanded by 0.3 percentage points to 0.9 percentage points[4] Group 3: Inventory and Price Trends - Raw material inventory increased by 0.4 percentage points to 47.4, while finished goods inventory decreased by 0.8 percentage points to 46.5[5] - Price indicators have declined for three consecutive months, with purchasing prices down 0.1 percentage points to 46.9[5] - Factory gate prices also fell by 0.1 percentage points to 44.7, indicating ongoing profit pressure for enterprises[5] Group 4: Non-Manufacturing Sector Performance - Non-manufacturing PMI slightly decreased by 0.1 percentage points to 50.3, underperforming compared to historical averages[10] - Consumer services sector showed resilience, increasing by 2.3 percentage points to 51.6, while production services declined[11] - Construction PMI fell by 0.9 percentage points to 51.0, with civil engineering improving but housing construction declining[10]