The Economy & the Fed

Purchasing Managers’ Index (PMI)

A monthly survey of purchasing managers, the people who buy a company's materials and supplies, on whether orders, output, hiring, deliveries and stock are rising or falling. The Institute for Supply Management publishes one for manufacturing (first business day of the month) and one for services (third business day). Each part is the share reporting an increase plus half the share reporting no change, so 50 divides growth from decline. Because purchasing managers see orders change first, the PMI is one of the earliest reads on the economy each month.

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