2025年7月PMI数据点评

Group 1: PMI Data Overview - In July 2025, the manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from the previous month[2] - The construction PMI was 50.6%, down 2.2 percentage points from June[2] - The services PMI slightly decreased to 50.0%, a drop of 0.1 percentage points[2] Group 2: Price Index Changes - The major raw material purchase price index rose to 51.5%, an increase of 3.1 percentage points from last month[2] - The factory price index increased to 48.3%, up by 2.1 percentage points[2] - The non-manufacturing input price index entered the expansion zone, indicating a potential price recovery[2] Group 3: Demand and Supply Indicators - The manufacturing new orders index fell to 49.4%, down 0.8 percentage points from June[2] - The non-manufacturing new orders index decreased to 45.7%, a decline of 0.9 percentage points[2] - The manufacturing production index was 50.5%, down 0.5 percentage points, while the non-manufacturing business activity index was 50.1%, a decrease of 0.4 percentage points[2] Group 4: Employment and Expectations - The manufacturing employment index was 48.0%, a slight increase of 0.1 percentage points[2] - The service industry employment index remained stable at 46.4%[2] - The manufacturing business activity expectation index rose to 52.6%, an increase of 0.6 percentage points[2]