郭磊：9月PMI的七个信号｜宏观经济

Core Viewpoint - The September economic data indicates a seasonal improvement, aligning with other soft indicators like EPMI and BCI, suggesting a positive trend in the economy during the autumn peak season [4][5]. Group 1: Economic Indicators - The September EPMI rose by 4.6 points to 52.4, reflecting seasonal characteristics of the autumn peak, with the increase aligning with seasonal averages [5]. - The BCI index rebounded from 46.9 to 51.1 in September, exceeding expectations after a slowdown in the previous months [5]. - The PMI for September was reported at 49.8, slightly above the previous value of 49.4, indicating a stabilization in economic activity [5]. Group 2: Production and Demand - Production outpaced demand, with the production index at 51.9 and new orders at 49.7, resulting in a production-new orders differential of 2.2 points, the highest since January 2024 [8]. - The export index remained stable, with new export orders at 47.8, indicating resilience in external demand despite global economic challenges [8]. Group 3: Business Size Impact - Large enterprises showed higher PMI at 51.0, while small enterprises improved significantly by 1.6 points, contrasting with a decline in medium-sized enterprises [9]. - The disparity suggests that large firms benefit from more substantial projects, while small firms gain from exports and emerging sectors [9]. Group 4: Price Trends - Price indices showed fluctuations, with the purchasing price index at 53.2 and the factory price index at 48.2, indicating ongoing price pressures despite some initial improvements [10]. - The short-term price trends need reinforcement, as production levels exceed demand, affecting pricing stability [10]. Group 5: Business Expectations - The production and business activity expectation index rose to 54.1, reflecting improved business sentiment due to factors like debt clearance and market activity [10]. - The equipment manufacturing sector showed the highest PMI at 51.9, while consumer goods manufacturing also improved, driven by seasonal factors [10]. Group 6: Construction Sector - The construction sector's PMI was at 49.3, indicating a low level of activity historically for September, with investment in real estate and infrastructure showing signs of weakness [11]. - The need for policy measures to stimulate investment in construction is highlighted to prevent further economic slowdown [13].