英文【高盛】全球采购经理人指数监测未来预期普遍下降（董）

Global trends: nThe global composite PMI fell by -1.3pt in April to 50.8, reflecting a decline oin both the manufacturing (-0.5pt to 49.8) and services (-1.8pt to 50.8) components. Forward-looking PMI components fell across nearly all major DM and EM oeconomies but partially rebounded in Canada. Major economy-level trends: nThe manufacturing PMI ticked down in the US (avg. ISM/S&P Global -0.1pt oto 49.5), rose in the Euro area (+0.4pt to 49.0), and fell in China (avg. Caixin/NBS -1.2pt to 49.7). The services PMI fell in the US (avg. ISM/S&P Global -1.4pt to 51.2), Euro oarea (-0.9pt to 50.1), and China (avg. Caixin/NBS -0.7pt to 50.4). Country-level trends: nThe composite PMI fell in most major DM and EM economies last month. oActivity components: nThe global forward-looking PMI component fell for services (2.2pt to 57.7) oand manufacturing (orders-to-inventories ratio -0.03 to 1.02). The global employment PMI component fell by -0.5pt for manufacturing to o49.1 and by -0.4pt for services to 50.4. Inflation-related components: nManufacturing suppliers’ delivery times remained extended (+0.1pt to o49.6) in April. The global manufacturing input price PMI ticked down by -0.1pt to 55.1 oand rose by +0.3pt to 52.6 for the output price PMI. The global services input price PMI fell by -0.7pt to 57.4 but rose by +0.2pt oto 52.6 for the output price PMI. Jan Hatzius +1(212)902-0394 | jan.hatzius@gs.com Goldman Sachs & Co. LLC Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Sarah Dong +1(212)357-9741 | sarah.dong@gs.com Goldman Sachs & Co. LLC Megan Peters +44(20)7051-2058 | megan.l.peters@gs.com Goldman Sachs InternationalGlobal PMI Monitor: Broad-Based Drop in Future Expectations (Dong)6 May 2025 | 5:31PM EDT Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Exhibit 1: Forward-Looking PMI Components Fell Across Nearly All Major DM and EM Economies but Partially Rebounded in Canada Source: S&P Global, Haver, Goldman Sachs Global Investment Research6 May 2025 2Goldman SachsGlobal PMI MonitorBroad-Based Drop in Future Expectations Global Trends Major Economy-Level Trends Exhibit 2: The Global Composite PMI Fell by -1.3pt in April to 50.8, Reflecting a Decline in Both the Manufacturing (-0.5pt to 49.8) and Services (-1.8pt to 50.8) Components Source: S&P Global, Haver, Goldman Sachs Global Investment Research Exhibit 3: The Manufacturing PMI Ticked Down in the US (avg. ISM/S&P Global -0.1pt to 49.5), Rose in the Euro Area (+0.4pt to 49.0), and Fell in China (avg. Caixin/NBS -1.2pt to 49.7) Source: S&P Global, Haver, Goldman Sachs Global Investment Research6 May 2025 3Goldman SachsGlobal PMI Monitor Region-Level Trends Exhibit 4: The Services PMI Fell in the US (avg. ISM/S&P Global -1.4pt to 51.2), Euro Area (-0.9pt to 50.1), and China (avg. C