变化在出口与建筑链——11月PMI数据点评

Core Viewpoint - The article discusses the recovery of the manufacturing PMI in November, highlighting improvements in export orders and construction sector indicators, suggesting a positive trend in economic activity [2][4][12]. Group 1: Changes in Exports and Construction Chain - Export orders index rose to 47.6% in November, up from 45.9% in the previous month, indicating a 1.7% increase, with overall new orders index at 49.2%, up 0.4% [5][12]. - The construction sector shows improvement in expectations, employment, and orders, with the business activity expectation index for construction rising to 57.9%, the highest since April 2024 [6][16]. - New orders index for construction was 46.1% in November, better than 43.5% in the same month last year, indicating a consistent improvement since September [7][16]. Group 2: Manufacturing PMI Data - The manufacturing PMI for November was 49.2%, slightly up from 49.0% in October, with the production index at 50.0%, indicating a recovery [2][26]. - The new export orders index was 47.6%, reflecting a positive trend in external demand, while the employment index was at 48.4%, showing slight improvement [3][26]. - The comprehensive PMI output index decreased to 49.7%, down 0.3 percentage points from the previous month, indicating a mixed outlook for overall economic activity [29].