S&P Global Manufacturing PMI

What is S&P Global US Manufacturing PMI?

The S&P Global US Manufacturing PMI (Purchasing Managers' Index) measures the direction of US factory activity, not output volume, and covers manufacturing only. S&P Global Market Intelligence surveys about 800 manufacturers on US operations only, chosen by sector and size, with bigger firms weighted more.

Each firm reports only whether conditions rose, held steady or fell versus the prior month. Readings above 50 signal broad expansion, below 50 signal contraction, with distance from 50 showing pace. Arabic outlets render it as the manufacturing purchasing-managers PMI index, while the publisher's Arabic release calls it the purchasing-managers index (PMI).

When is it released and what happens each release?

Responses are collected in the 2nd half of each month, with a flash estimate mid or late month. A flash estimate (early partial result) uses about 85% of replies, and the final reading follows on or around the 1st of the next month. Both releases stay embargoed until 09:45 Eastern Time and cover output, new and export orders, jobs, inventories, delivery times and backlogs.

Commentary covers input costs, selling prices, purchasing activity and future expectations, with charts. Survey answers are never revised, though seasonal adjustment factors can change past adjusted values. The average flash-to-final gap is 0.0 (0.3 in absolute terms) since October 2009.

What moves S&P Global US Manufacturing PMI?

The headline (main index) blends 5 activity gauges, each capturing a different factory pressure point.

• New Orders, 30%: inflow of new work; a demand signal.
• Output, 25%: whether factory production rose, held steady or fell.
• Employment, 20%: staffing levels across surveyed manufacturers.
• Suppliers' Delivery Times, 15%: speed of supplier deliveries, inverted so slower deliveries lift the index.
• Stocks of Purchases, 10%: