美国10月S&P Global制造业PMI终值54.9，低于初值56.0
US S&P Global final manufacturing PMI for October 54.9 vs 56.0 preliminary
The final US S&P Global Manufacturing PMI for October came in at 54.9, below the flash reading of 56.0 and September's 55.9, though still above the 50.0 expansion threshold for a 15th straight month. Growth in output and new orders slowed, while export orders rose slightly for the first time since June 2025; the pace of selling-price increases was the fastest since September 2022, and employment growth the strongest since April 2021.
Manufacturing expansion momentum is easing at the margin, yet selling-price increases are running at their fastest since September 2022 and employment growth at its strongest since April 2021 — evidence that price pressure is not cooling alongside activity, which constrains the Fed's policy room. For gold, weaker growth alongside sticky inflation calls for watching whether upcoming data reinforces the stagflation narrative; for FX, dollar sensitivity to rate differentials and policy expectations may rise, with the persistence of the prices and employment sub-indices in focus.
报告显示美国10月制造业扩张放缓但价格分项加速，读者可据此理解通胀压力对美联储政策空间的约束。
来源：ForexLive · investinglive.com