> 数据图表谁能回答1.2 产业：制造业萎缩加速 服务业扩张趋缓2025-9-11.2 产业：制造业萎缩加速 服务业扩张趋缓➢ 服务业扩张趋缓：7月ISM服务业PMI录得50.1，低于前值50.8，毕竟荣枯线。不过，今年前7个月仅5月短暂萎缩之外，其他月份均扩张。➢ 制造业持续萎缩：7月ISM制造业PMI录得48，连续5个月低于荣枯线，创近9个月新低。⚫ 通胀：依然严峻，无论制造业还是服务业的物价PMI均处于64-70的强扩张区，可能导致未来PPI反弹。⚫ 就业：不断降温，7月制造业和服务业就业PMI分别录得43和46.4，尤其制造业连续半年低于荣枯线，创近10个月新低。⚫ 新订单：制造业连续半年低于荣枯线。服务业新订单PMI录得50.3，明显低于前值51.3，趋近荣枯线。整体来看，贸易政策不确定性导致经济前景不明甚至减速，制造业持续萎缩，服务业扩张趋缓，市场推迟订单签订，进一步引发企业削减员工规模。此外，高额关税导致企业成本提升，提升通胀压力。15来源：iFinD、方正中期研究院整理同花顺iFinD指标名称 制造业PMI 新订单2025-0747.102025-0646.402025-0547.602025-0447.202025-0345.202025-0248.602025-0155.1048.0049.0048.5048.7049.0050.3050.902025年美国ISM制造业PMI产出51.4050.3045.4044.0048.3050.7052.50就业43.4045.0046.8046.5044.7047.6050.30物价64.8069.7069.4069.8069.4062.4054.90进口47.6047.4039.9047.1050.1052.6051.10自有库存 订单库存 客户库存 新出口订单48.9049.2046.7050.8053.4049.9045.9046.8044.3047.1043.7044.5046.8044.9045.7046.7044.5046.2046.8045.3046.7046.1046.3040.1043.1049.6051.4052.40同花顺iFinD指标名称 服务业PMI 就业2025-0746.402025-0647.202025-0550.702025-0449.002025-0346.202025-0253.902025-0152.3050.1050.8049.9051.6050.8053.5052.802025年美国ISM服务业PMI库存51.8052.7049.7053.4050.3050.6047.50物价69.9067.5068.7065.1060.9062.6060.40新订单50.3051.3046.4052.3050.4052.2051.30进口45.9051.7048.2044.3052.6049.6049.80商业活动 订单库存 供应商交付 库存景气 新出口订单52.6054.2050.0053.7055.9054.4054.5044.3042.4043.4048.0047.4051.7044.8051.0050.3052.5051.3050.6053.4053.0053.2057.1062.9056.1056.6054.7053.5047.9051.1048.5048.6045.8052.1052.00方正中期期货综合其他
