S&P Global Composite PMI

What is S&P Global US Composite PMI?

The S&P Global US Composite PMI is a monthly business survey of private output in the United States. The publisher is S&P Global, published through S&P Global Market Intelligence. Its headline is the Composite Output Index, also called the Composite PMI.

The survey covers factory production and defined services such as consumer, transport, information, communication, finance, insurance, real estate and business services. It excludes retail, government, agriculture and construction. The panel includes around 800 companies, stratified by detailed sector and workforce size based on contributions to GDP.

The index measures direction of change against the prior month, not the level of output. It is not the headline Manufacturing PMI, which averages 5 factory indices. It does not cover the whole economy, only private manufacturing and defined services.

Scores use a 0-100 diffusion scale. Readings above 50 signal expansion against the prior month. Readings below 50 signal contraction. The 50 line never changes, while seasonal factors can change.

When is it released and what happens each release?

Responses are collected in the second half of each reference month. They measure change against the prior month.

The flash estimate is published in the second half of the same month at 09:45 Eastern Time. It is based on around 80-90% of responses. Final manufacturing results appear early in the following month, followed by final services and composite results a few days after.

Each release covers services activity, manufacturing output and Manufacturing PMI. Survey answers are never revised after publication. Only seasonal adjustment factors can be revised, which affects the adjusted series.

What moves S&P Global US Composite PMI?

The composite averages 2 output gauges, weighted by each sector share of official value added.

• Manufacturing Output: captures whether factory production rose, held steady or fell against the prior month.

• Services Business Activity: captures whether services activity rose, held steady or fell against the prior month. It is also called the Services PMI.