PMI^TM by S&P Global

Use the Purchasing Managers’ Index (PMI) for accurate and timely insight into the health of the global economy.

Purchasing Managers’ Index™ (PMI™) data are compiled by S&P Global for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities. PMI FAQ available. Watch a short video on how to use PMI.

Learn more about Purchasing Managers’ Index™ (PMI™)

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Top 10 PMI™ Indicators to watch in 2023

Get insights into what is driving key themes in 2023 including recession risk, inflation, salary costs, and more through the lens of the PMI™ indicators which are used to assess these.

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Key benefits of PMI data

Timeliness

PMI data are released monthly, in advance of comparable official economic data

Comparability

PMI data are compiled using proven standardized methodology, with indices available for over 40 countries

Factual

PMI data are compiled from survey questions tracking actual changes in business volumes such as output, not sentiment-based questions

No revisions

Unlike many official economic indicators, PMI data are not revised after publication

Global PMI summary as of November 2022

Global business activity contracted for a third successive month in October, with the headline PMI falling from 46.9 in September to 49.0 in October, suggesting a weaker start to the fourth quarter.
Service sector output declined in October, registering the worst monthly performance since mid-2020.
Manufacturing output meanwhile fell for a third consecutive month, also declining at the steepest rate since June 2020.
PMI subindices showed new business contracting at the quickest rate since June 2020, with the weak demand environment continuing to be underpinned by declining worldwide trade.
The global manufacturing PMI’s new export orders index has now signalled a reduction in worldwide goods exports for eight straight months.
Price inflationary pressures remained solid in October, despite rates of increase in input costs and output charges easing to 19-month lows, respectively.

Stay up-to-date with timely insight into the health of the global economy through PMI™ Commentary and Analysis

PMI enables

Asset management firms

By tracking relative national and sector growth, productivity, profit margin and price trends, PMI data are used in asset allocation models and strategies, and in portfolio performance analysis.

Equity and fixed income desks

National PMI data are indicative of changing macroeconomic conditions, with detailed sector data providing further guidance for equity and bond price trends, earnings analysis, dividend forecasting and default probability.

Commodity and FX desks

With advance signals of interest rate, economic growth and inflation trends, as well as commodity supply and demand patterns and resulting price changes, foreign exchange and commodity traders are able to seek out new opportunities.

Corporate business planners

Financial planners and strategists benefit from a better understanding of how the economic environment is changing by country and sector, and what this means for key markets, industries and competitors, as well as their own company’s performance.

Supply chain managers

The PMI is an essential tool for benchmarking and forecasting sales, inventory and price trends, monitoring supply and demand, and tracking supplier performance.

Central banks

PMI data provide the most up to date assessment of current economic conditions, are highly correlated with central bank policy decisions and have frequently been instrumental in changes to monetary policy.

Research & Analysis

15 minutes ago

Monthly PMI Bulletin: February 2023

04 February 2023

US PMI survey data hint at first quarter GDP contraction

03 February 2023

Week Ahead Economic Preview: Week of 6 February 2023

03 February 2023

Mainland China's resurgent service sector growth and near-record confidence fuel economy hopes for 2023

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Methodology and coverage

Survey methodology

Each national PMI dataset is compiled from questionnaire responses from a survey panel of senior purchasing executives (or similar) at around 400 companies. The survey panels are carefully recruited to accurately represent the true structure of the monitored sector: manufacturing, services, construction or the entire private sector economy.

The survey questionnaire covers the following economic variables:

Manufacturing
Output
New orders
New export orders
Backlogs of work
Output prices
Input prices
Suppliers’ delivery times
Stocks of finished goods
Quantity of purchases
Stocks of purchases
Employment
Future output

Services
Business activity
New business
New export business
Outstanding business
Prices charged
Input prices
Employment
Future activity

Whole Economy
Output
New orders
New export orders
Backlogs of work
Output prices
Overall input prices
Purchase prices
Staff costs
Suppliers’ delivery times
Quantity of purchases
Stocks of purchases
Employment
Future output

Construction
Total activity
Residential activity
Commercial activity
Civil engineering activity
New orders
Employment
Quantity of purchases
Suppliers’ delivery times
Input prices
Sub-contractor usage
Sub-contractor availability
Sub-contractor rates
Sub-contractor quality
Future activity

Questionnaires are completed in the second half of each month, and survey results are then processed by our economists. For each variable, panel members are asked to report an increase, decrease or no change compared with the previous month, and to provide reasons for any changes.

Index methodology

PMI indices are calculated as diffusion indices. For each variable, the index is the sum of the percentage of ‘higher’ responses and half the percentage of ‘no change’ responses. The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted using an in-house method developed by S&P Global.

PMI indices are only available via subscription with the exception of a headline index. The headline index influences financial markets and receives considerable media coverage upon release. The headline index is calculated differently depending on the sector being monitored:

Manufacturing and Whole Economy
The headline figure is the Purchasing Managers’ Index™ (PMI). The PMI is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable direction to the other indices.

Services
The headline figure is the Services Business Activity Index. This is a diffusion index calculated from a question that asks for changes in the volume of business activity compared with one month previously. The Services Business Activity Index is comparable to the Manufacturing Output Index.

Construction
The headline figure is the Total Activity Index. This is a diffusion index that tracks changes in the total volume of construction activity compared with one month previously. The Total Activity Index is comparable to the Manufacturing Output Index and Services Business Activity Index.

Learn more about the PMI survey methodology.

Using PMI data

PMI datasets are used by governments, financial institutions and corporates for forecasting, analysis and planning, helping to monitor key economic variables:

GDP
Manufacturing output / service sector output
CPI/inflation indicators
Producer input prices
Exports and trade flow indices
Employment/non-farm payrolls
Productivity
Profitability
Factory/durable goods orders
Backlogs of works/capacity indicators
Supplier delivery times
Inventory indicators
Purchasing activity

Global coverage

PMI data are available for over 40 countries across a range of broad sectors:

Manufacturing
Australia
Austria
Brazil
Canada
China
Colombia
Czech Republic
France
Germany
Greece
India
Indonesia
Ireland
Italy
Japan
Malaysia
Myanmar
Mexico
Netherlands
Philippines
Poland
Russia
South Korea
Spain
Taiwan
Thailand
Turkey
United Kingdom
United States
Vietnam
GLOBAL
EUROZONE
ASEAN

Services
Australia
Brazil
China
France
Germany
India
Ireland
Italy
Japan
Russia
Spain
United Kingdom
United States
GLOBAL
EUROZONE

Whole Economy
Egypt*
Ghana
Hong Kong
Kenya
Lebanon
Mozambique
Nigeria
Qatar*
Saudi Arabia*
Singapore
South Africa
Uganda
United Arab Emirates*
Zambia
*Non-oil sector

Construction
France
Germany
Ireland
Italy
United Kingdom
EUROZONE

Sector coverage

In addition to providing national macroeconomic indicators, PMI data are also compiled for detailed sectors for a number of regions, allowing specific industry trends to be monitored:

	Global	Europe	Asia	US
Basic Materials	•	•	•	•
Chemicals	•	•	•
Resources	•	•	•
Forestry & Paper Products	•	•	•
Metals & Mining	•	•	•
Consumer Goods	•	•	•	•
Automobiles & Auto Parts	•	•	•
Beverages & Food	•	•	•
Food	•	•
Beverages	•	•
Household & Personal Use Products	•	•	•
Consumer Services	•	•	•	•
Media	•	•
Tourism & Recreation	•	•
Consumer Cyclicals				•
Consumer Non-cyclicals				•
Financials	•	•	•	•
Banks	•	•	•
Insurance	•		•
Other Financials	•	•
Real Estate	•	•	•
Healthcare	•	•	•	•
Healthcare Services	•	•	•
Pharmaceuticals & Biotechnology	•	•	•
Industrials	•	•	•	•
Industrial Goods	•	•	•
Machinery & Equipment	•	•	•
Construction Materials	•	•	•
Industrial Services	•	•	•
Commercial & Professional Services	•	•	•
General Industrials	•	•	•
Construction & Engineering		•
Transportation	•	•	•
Technology	•	•	•	•
Technology Equipment	•	•	•
Software & Services	•	•	•
Telecommunication Services	•

Experts

Chris Williamson

Mr. Williamson is Chief Business Economist and an executive director at S&P Global Market Intelligence. He is a well-known economic commentator and is regularly quoted in international business print and broadcast press, and frequently speaks at conferences on global economic issues. Mr. Williamson also sits on a number of economic advisory panels.Mr. Williamson joined the company in 2008 following the acquisition of NTC Economics, a provider of global macro-economic indicators, where he played a major role developing a world-leading provider of business surveys and economic indicators, including the PMI series. PMI surveys now encompass all major economies and are commonly cited as some of the most important sources of economic information available to central banks, financial markets and business decision makers.He studied Economics at the University of Nottingham and Economic Development at the University of Manchester.

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Jingyi Pan

Jingyi joined S&P Global Market Intelligence PMI team in 2021, bringing with her research experiences across both macroeconomics and financial markets. Her focus is on the Asia-Pacific region and can often be seen sharing her analysis and commentary across international business print and broadcast press.Prior to joining the company, Jingyi had been a Senior Market Strategist with an investment brokerage firm and had work experience in economic forecasting, planning and policy.Jingyi received her Bachelor of Social Sciences (Honours) in Economics from the National University of Singapore and Master of Science in Applied Finance from the Singapore Management University. She is bilingual in English and Chinese.

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Lewis Cooper

Mr Cooper works as an economist in the Economic Indicators & Surveys team, responsible for creating the Purchasing Managers Index (PMI). Here he frequently presents as a product expert to a range of audiences and also contributes to a number of development projects to help expand and enhance our product offering. In addition, Mr Cooper is responsible for overseeing the production of various PMI reports in addition to ad-hoc research and analysis. He joined S&P Global in 2019.Lewis holds a first class honours Bachelor of Science in Economics from from Kingston University, London. In December 2021, he was awarded a Master of Science in Economics, with distinction, from the University of Reading. Lewis is based in the UK.

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Events

PMI™ by IHS Markit Global - How global economies are recovering through the third quarter from COVID-19 lockdowns

06 November 2020 Get the earliest insight into how global economies are recovering through the third quarter from COVID-19 lockdowns from the world's leading survey...

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COVID-19 Update — PMI™ by IHS Markit Global Webcast

07 October 2020 | Global Get the earliest insight into how global economies are recovering through the third quarter from COVID-19 lockdowns from the world's leading survey...

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PMI™ by IHS Markit Global Webcast (on demand)

08 September 2020 | Global Get the earliest insight into how global economies are recovering through the third quarter from COVID-19 lockdowns from the world's leading survey...

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