US Manufacturing Activity Tops Expectations In December, Rises To 9-Month Highs
US Manufacturing Activity Tops Expectations In December, Rises To 9-Month Highs
However, the index remains below the critical 50% threshold that separates expansion from contraction, reflecting the ninth consecutive month — and the 26 out of the last 27 — in contraction territory.After much of 2024 marked by contraction, there are now brighter signs emerging from the tunnel of the U.S. manufacturing sector.
在2024年大部分时间内经历了收缩后，美国制造业部门现在出现了更明亮的迹象。
Data revealed Friday from the Institute for Supply Management showed that the Manufacturing Purchasing Managers' Index rose to 49.3% in December, up from 48.4% in November and surpassing economists' expectations of 48.4%.
周五，供应管理协会发布的数据表明，12月制造业采购经理人指数升至49.3%，高于11月的48.4%，也超过了经济学家预期的48.4%。
The outcome marks the strongest reading since April 2024 and second consecutive month of improvement in the PMI, a trend not seen since September 2023.
这一结果标志着自2024年4月以来最强的读数，也是PMI连续第二个月改善，这一趋势自2023年9月以来未见。
However, the index remains below the critical 50% threshold that separates expansion from contraction, reflecting the ninth consecutive month — and the 26 out of the last 27 — in contraction territory.
然而，该指数仍然低于区分扩张与收缩的关键50%阈值，反映出连续第九个月——以及过去27个月中的26个月处于收缩区间。
Key Manufacturing Metrics Show Encouraging Trends
关键制造业指标显示出鼓舞人心的趋势
While the headline PMI remains in contraction, some sub-indices suggest that momentum may be turning:
虽然总体PMI仍处于收缩之中，但一些分项指数表明势头可能正在转变：
- New Orders Index: Climbed to 52.5% in December, up from 50.4% in November. This is the second straight month in expansion territory after seven months of contraction.
- Production Index: Jumped to 50.3%, up significantly from November's 46.8%, marking its return to expansion after six months of contraction.
- Prices Index: Rose from 50.3% in November to 52.5%, indicating increasing prices paid by manufacturers.
- Backlog of Orders Index: Improved from 41.8% in November to 45.9%, though still below 50%.
- Employment Index: Fell to 45.3% from November's 48.1%, reflecting continued de-staffing in the sector.
- 新订单指数：12月攀升至52.5%，高于11月的50.4%。这是继七个月收缩后的连续第二个月进入扩张区间。
- 生产指数：跃升至50.3%，显著高于11月的46.8%，标志着在经历六个月的收缩后回归扩张。
- 价格指数：从11月份的50.3%上升至52.5%，显示出制造商支付的价格在上升。
- 订单积压指数：从11月份的41.8%改善至45.9%，尽管仍低于50%。
- 就业指数：从11月份的48.1%下降至45.3%，反映出该板块持续减少员工。
"U.S. manufacturing activity contracted again in December, but at a slower rate compared to November. Demand showed signs of improving, while output stabilized and inputs stayed accommodative," Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee, wrote in the report.
"美国制造业活动在12月份再次收缩，但相比11月份的速度有所放缓。需求出现改善迹象，产出稳定，投入保持宽松，" ISm制造业业务调查委员会主席Timothy Fiore在报告中写道。
Fiore also highlighted that de-staffing trends may soon end, and the percentage of gross domestic product contracting in manufacturing has decreased from 66% in November to 52% in December — a sign that the slowdown is becoming less broad-based.
Fiore还指出，减少员工的趋势可能很快会结束，制造业在国内生产总值中收缩的百分比已从11月份的66%降至12月份的52%——这表明放缓的趋势正变得不那么广泛。
Market Reactions
市场反应
The U.S. dollar rebounded against major currencies, supported by the improving economic data. The Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), a proxy for dollar strength, trimmed its session losses to 0.1%.
美国美元兑主要货币反弹，得益于经济数据的改善。景顺Db美元指数看涨基金ETF（纽约证券交易所：UUP）作为美元强度的替代品，将其当日损失缩减至0.1%。
The greenback has now rallied 9% since late September, significantly outperforming the broader stock market, which is up only 3% during the same period.
自9月底以来，美元已反弹9%，显著超过更广泛的股市，在同一时期其上涨仅为3%。
The S&P 500 — as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) — initially rose but gave back gains, weighed down by higher Treasury yields.
标准普尔500指数——通过SPDR 标普500指数ETF Trust (纽交所:SPY) 跟踪——最初上涨，但受到更高国债收益率的影响而回吐了涨幅。
The yield on the 30-year Treasury bond rose to 4.80%, reversing overnight declines, and the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) slipped 0.2%, holding near nine-month lows.
30年期美国国债收益率上升至4.80%，扭转了隔夜的下跌，20+年以上美国国债ETF-iShares下滑0.2%，维持在九个月来的低点附近。
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Photo: Shutterstock
Photo: shutterstock
译文内容由第三方软件翻译。