The continuous recurrence of the epidemic is the main factor in the current slowdown in the global manufacturing recovery. In particular, the impact of the Delta mutant strain epidemic on Southeast Asian countries is still continuing, causing difficulties for the recovery of the manufacturing industries in these countries. Some analysts pointed out that some countries in Southeast Asia are important raw material supply and manufacturing processing bases in the world. From the textile industry in Vietnam, to chips in Malaysia, to automobile factories in Thailand, they occupy an important position in the global manufacturing supply chain. The country continues to be plagued by the epidemic, and production cannot be recovered effectively, which is bound to have a serious negative impact on the global manufacturing supply chain. For example, the insufficient supply of chips in Malaysia has forced the closure of the production lines of many automakers and electronic product manufacturers around the world.
Compared with Southeast Asia, the recovery of manufacturing industries in Europe and the United States is slightly better, but the growth momentum has stagnated, and the side effects of the ultra-loose policy have become more obvious. In Europe, the manufacturing PMI of Germany, France, and the United Kingdom all declined in August compared with the previous month. Although the manufacturing industry in the United States is relatively stable in the short term, it is still significantly lower than the average level in the second quarter, and the recovery momentum is also slowing down. Some analysts pointed out that the ultra-loose policies in Europe and the United States continue to push up inflation expectations, and price increases are being transmitted from the production sector to the consumption sector. European and American monetary authorities have repeatedly emphasized that "inflation is only a temporary phenomenon." However, due to the severe rebound of the epidemic in Europe and the United States, inflation may take longer than expected.