全球经济指标 2025 年 8 月图表集_图说世界-Global Economics_ Global Indicators August Chartbook_ The World in Pictures

Summary of Key Points from the Conference Call Industry Overview - The report focuses on global economic indicators, particularly in the context of the services and manufacturing sectors, as well as retail sales trends. Core Insights and Arguments - Global Services PMI: The global services PMI in August was above its solid average from the past few years, indicating resilience in the services sector [1][4] - Global Manufacturing PMI: The global manufacturing PMI reached its highest level in over a year, suggesting a positive trend in manufacturing activities [1][4] - Retail Sales: Retail sales in the US have shown surprising strength, performing well globally despite challenges [1][4] - Global Exports: Although global exports have declined from recent peaks, they remain elevated compared to last year's figures, despite high US tariffs [1][4] - Forward-Looking Trade Indicators: New export orders are in contraction for most major economies, indicating potential future challenges due to "payback" from US frontloading of purchases and tariff-related issues [1][4] Additional Important Content - Economic Resilience: The overall resilience observed in Q3 is highlighted, with various indicators suggesting a mixed but generally positive outlook for the global economy [1][4] - Potential Risks: The report warns of potential strains in global trade, emphasizing the need for monitoring forward-looking indicators closely [1][4] - Data Sources: The insights are derived from Citi Research, S&P Global, and Haver Analytics, ensuring a robust analytical foundation [1][4]