【宏观经济】一周要闻回顾(2026年3月4日-3月10日)

Group 1: Manufacturing PMI Overview - In February, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a decrease of 0.3 percentage points from the previous month, indicating a decline in manufacturing activity [3] - Large enterprises had a PMI of 51.5%, up 1.2 percentage points, while medium and small enterprises had PMIs of 47.5% and 44.8%, down 1.2 and 2.6 percentage points respectively, both below the critical point [3] - All five sub-indices of the manufacturing PMI, including production index, new orders index, raw material inventory index, employment index, and supplier delivery time index, were below the critical point [3] Group 2: Non-Manufacturing PMI Overview - The Non-Manufacturing Business Activity Index was 49.5%, an increase of 0.1 percentage points from the previous month, indicating slight improvement in non-manufacturing activity [5] - The construction industry business activity index was 48.2%, down 0.6 percentage points, while the service industry index was 49.7%, up 0.2 percentage points [5] - The new orders index for non-manufacturing was 45.2%, down 0.9 percentage points, indicating a decline in market demand [6] Group 3: Price Trends - In February, the Producer Price Index (PPI) for industrial producers decreased by 0.9% year-on-year, with a narrowing decline of 0.5 percentage points compared to the previous month [4][9] - The Consumer Price Index (CPI) rose by 1.3% year-on-year, with urban areas increasing by 1.4% and rural areas by 0.9% [14][15] - Food prices increased by 1.7%, while non-food prices rose by 1.3%, indicating inflationary pressures in consumer goods [15][16]