日本9月制造业PMI降至54.1 六个月最慢但连续九个月扩张 出口订单创近八年第二快
标普全球10月1日公布，日本9月制造业采购经理人指数（PMI）从8月的54.9降至54.1，为六个月来最慢扩张速度，但仍连续第九个月站在50荣枯线之上。路透社当日报道了这一调查结果。
放缓主要来自产出与新订单增速回落：部分企业提到，客户正在消化此前囤积的库存。产出增速降至三个月低点，新订单增速为四个月最弱。不过海外需求更坚挺，新出口订单连续第九个月上升，增速为2018年1月以来第二快，受亚洲经济体需求与对美销售改善支撑。
就业连续第22个月增加，增速接近8月创下的近年高点，为2018年4月以来第二快。投入成本通胀放缓至六个月低点，但企业仍在以2022年末以来最快的步伐之一上调售价。
PMI是日本经济每月最早的体检报告之一。对在日华人经营的进出口与制造业生意而言，出口订单的强劲与国内库存调整的并存，意味着订单结构正在换挡：面向海外的产能吃紧，面向内需的排产则要更谨慎。
Japan's September Factory Growth Slows to Six-Month Low as PMI Eases to 54.1
Japan's manufacturing sector expanded at its weakest pace in six months in September, with the S&P Global Japan Manufacturing Purchasing Managers' Index easing to 54.1 from 54.9 in August, Reuters reported on October 1. The reading matched the flash estimate and marked a ninth consecutive month of expansion.
Firms signalled slower increases in output and new orders, as some clients adjusted inventories after an earlier period of stock accumulation. Production growth eased to a three-month low and new order growth was the weakest in four months.
Overseas demand remained firmer. New export orders rose for a ninth straight month at the second-sharpest pace since January 2018, supported by stronger demand across Asian economies and improved sales to the United States. Employment increased for a 22nd consecutive month, close to August's recent high.
Input cost inflation slowed to a six-month low even as firms kept raising selling prices at one of the sharpest rates since late 2022. For Chinese importers, exporters and manufacturers in Japan, the mix of strong export orders and domestic inventory adjustment signals a shifting order book.
图片来源：名古屋港集装箱码头实景，摄影：Gazouya-japan，CC BY-SA 4.0，来源：Wikimedia Commons（File:Container terminal = 愛知／飛島埠頭【 Pictures taken in Japan 】--③.jpg）
