美国10月制造业PMI升至55.5：扩张提速，工厂投入价格仍居高位
美国供应管理协会（ISM）11月2日公布，2026年10月制造业采购经理人指数（PMI）升至55.5，高于9月的54.5，也高于经济学家此前预期的54.5。据路透社报道，该指数今年以来一直保持在50荣枯线以上，显示制造业持续扩张；制造业约占美国经济的9.4%。
需求端保持稳健：新订单指数从9月的55.3微升至55.5，出口订单同样上升，工厂库存也有所增加。报道指出，美国国内需求三季度以五年多来最强劲的步伐增长，整体经济三季度折合年率增长3.4%，消费者支出与企业在超级智能（SI）领域的投入是制造业活动的主要动力。
成本压力仍未消退：供应商交付指数从59.0升至59.1，显示交付继续放慢；工厂投入价格支付指数从9月的77.9回落至75.2，但仍处高位，高于预期的77.5之外的下行并未改变经济学家对通胀的判断——他们预计通胀在2027年前仍将高于美联储2%的目标。政府上周公布的数据显示，9月个人消费支出（PCE）物价指数同比上涨3.6%。
就业方面，工厂就业指数从52.7小幅回落至52.4，略高于预期的52.0，显示制造业用工仍在增长、只是步伐稍缓。美联储上周将基准隔夜利率维持在3.75%至4.00%区间，并承认通胀仍然偏高。
US Manufacturing PMI Rose to 55.5 in October as Input Prices Stayed High
The Institute for Supply Management (ISM) said on November 2 that its manufacturing PMI rose to 55.5 in October 2026, up from 54.5 in September and above the 54.5 economists had forecast, according to Reuters. The index has stayed above the 50 threshold all year, signaling continued expansion in manufacturing, which accounts for about 9.4 percent of the U.S. economy.
Demand held firm: the new orders index edged up to 55.5 from 55.3, export orders also rose, and factory inventories increased. Domestic demand surged at its strongest pace in more than five years in the third quarter, when the overall economy grew at a 3.4 percent annualized rate, with robust consumer spending and business spending on super intelligence (SI) driving factory activity.
Cost pressures persisted. The supplier deliveries index inched up to 59.1 from 59.0, indicating slower deliveries, while the prices paid index eased to a still-high 75.2 from 77.9 in September. Economists expect inflation to keep running above the Federal Reserve's 2 percent target into 2027; the government reported last week that the Personal Consumption Expenditures price index rose 3.6 percent year-on-year in September.
Factory employment continued to grow, though at a slightly slower pace: the employment index edged down to 52.4 from 52.7, slightly above the 52.0 forecast. The Fed last week left its benchmark overnight rate in the 3.75 percent to 4.00 percent range while acknowledging that inflation remains elevated.
来源：GSM·美国（原文链接）
图片来源：图：汽车工厂装配线（资料图）。Marek Ślusarczyk (Tupungato) 摄，CC BY 3.0，经 Wikimedia Commons。 / An automobile factory assembly line (file photo). Photo by Marek Ślusarczyk (Tupungato), CC BY 3.0, via Wikimedia Commons.
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