6月PMI数据点评：制造业PMI仍偏弱，但供需均在改善

Group 1: Manufacturing PMI Insights - Manufacturing PMI recorded at 49.7%, an increase of 0.2 percentage points from the previous month, but still below the critical threshold[8] - New orders index for manufacturing rose to 50.2%, indicating a return to expansion territory, while the backlog of orders index remains below the threshold at 45.2%[13] - Production index improved to 51%, indicating an increase in manufacturing activity, while the employment index fell to 47.9%, suggesting ongoing labor market challenges[15] Group 2: Service and Construction PMI Insights - Service sector PMI decreased to 50.1%, but remains in the expansion zone, with new orders index at 46.9%, indicating insufficient demand[23] - Construction PMI increased to 52.8%, reflecting improved business activity, although the new orders index is still below the threshold at 44.9%[29] - Employment index in the construction sector recorded at 39.9%, indicating a lack of hiring activity[29] Group 3: Inventory and Price Trends - Manufacturing raw material inventory index at 48%, and finished goods inventory at 48.1%, both below the critical point, indicating insufficient replenishment[17] - Input prices for manufacturing recorded at 48.4%, while output prices at 46.2%, both below the threshold, suggesting pressure on profit margins[17] - Service sector input prices index at 50.2%, while sales prices index at 48.9%, indicating insufficient pricing power in the service industry[25] Group 4: Trade and Economic Outlook - Manufacturing import index at 47.8% and new export orders index at 47.7%, both below the threshold, indicating trade challenges[20] - Overall economic outlook remains cautious, with risks including deviations from expected fundamental recovery and geopolitical uncertainties[36]