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图9.美国制造业目前处于周期底部，边际修复迹象明显-行业数据

图9.美国制造业目前处于周期底部，边际修复迹象明显
图9.美国制造业目前处于周期底部，边际修复迹象明显
从库存角度来看，美国制造业目前处于周期底部，边际修复迹象明显。美国制造商库存同比增速自 1Q2022 开始回落，2024 年 1 月库存增速为-0.60%，处于历史低位，美联储继续降息有助于制造业库存温和回升。从库存的前瞻指标 PPI 看， 2024 年 12 月美国 PPI 同比增长 1.1%。
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第1页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第2页
图9.美国制造业目前处于周期底部，边际修复迹象明显_第3页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第4页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第5页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第6页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第7页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第8页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第9页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第10页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第11页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第12页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第13页
图9.美国制造业目前处于周期底部，边际修复迹象明显_第14页
图9.美国制造业目前处于周期底部，边际修复迹象明显_第15页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第16页
图9.美国制造业目前处于周期底部，边际修复迹象明显_第17页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第18页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第19页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第20页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第21页
图9.美国制造业目前处于周期底部，边际修复迹象明显_第22页
图9.美国制造业目前处于周期底部，边际修复迹象明显_第23页
图9.美国制造业目前处于周期底部，边际修复迹象明显_第24页
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图9.美国制造业目前处于周期底部，边际修复迹象明显_第25页
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