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PMITM by IHS Markit

Accurate and timely insight into the health of the global economy.

Purchasing Managers’ Index™ (PMI™) data are compiled by IHS Markit 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.

Key benefits of PMI data include:

Timeliness
Timeliness
PMI data are released monthly, in advance of comparable official economic data
Comparability
Comparability
PMI data are compiled using proven standardized methodology, with indices available for over 40 countries
Factual
Factual
PMI data are compiled from survey questions tracking actual changes in business volumes such as output, not sentiment-based questions
No revisions
No revisions
Unlike many official economic indicators, PMI data are not revised after publication

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 IHS Markit. 

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:


 GlobalEuropeAsiaUS
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

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.

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.

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.

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.

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.

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.

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PMI Resources

Events

IHS Markit Event 24 September 2019

Breakfast Briefing: A Global Price for Carbon (...)

Launch of the IHS Markit Global Carbon Index

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