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Purchasing Managers Index: Difference between revisions
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=== December 2023 === | |||
==== Manufacturing ==== | |||
The Manufacturing PMI<sup>®</sup> registered 47.4 percent in December, up 0.7 percentage point from the 46.7 percent recorded in November. <ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/december/</ref> | |||
84 percent of manufacturing gross domestic product (GDP) contracted in December, up from 65 percent in November. More importantly, the share of sector GDP registering a composite PMI<sup>®</sup> calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 48 percent in December, compared to 54 percent in November and 35 percent in October. | |||
'''The past relationship between the Manufacturing PMI and the overall economy indicates that the December reading (47.4 percent) corresponds to a change of minus-0.5 percent in real gross domestic product (GDP) on an annualized basis''' | |||
* The New Orders Index remained in contraction territory at 47.1 percent, 1.2 percentage points lower than the figure of 48.3 percent recorded in November. The | |||
* The Production Index reading of 50.3 percent is a 1.8-percentage point increase compared to November’s figure of 48.5 percent. | |||
* The Prices Index registered 45.2 percent, down 4.7 percentage points compared to the reading of 49.9 percent in November. | |||
* The Backlog of Orders Index registered 45.3 percent, 6 percentage points higher than the November reading of 39.3 percent. | |||
* The Employment Index registered 48.1 percent, up 2.3 percentage points from the 45.8 percent reported in November. | |||
==== Services ==== | |||
In December, the Services PMI registered 50.6 percent, 2.1 percentage points lower than November’s reading of 52.7 percent. <ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/december/</ref> | |||
'''The past relationship between the Services PMI<sup>®</sup> and the overall economy indicates that the Services PMI<sup>®</sup> for December (50.6 percent) corresponds to a 0.3-percent increase in real gross domestic product (GDP) on an annualized basis.''' | |||
* The Business Activity Index registered 56.6 percent, a 1.5-percentage point increase compared to the reading of 55.1 percent in November. | |||
* The New Orders Index 52.8 percent is 2.7 percentage points lower than the November reading of 55.5 percent. | |||
* The Prices Index registered 57.4 percent in December, a 0.9-percentage point decrease from the November reading of 58.3 percent. | |||
* The Backlog of Orders Index contracted in December for the second consecutive month, registering 49.4 percent, a 0.3-percentage point increase compared to the November reading of 49.1 percent. | |||
* The Employment Index registered 43.3 percent, down 7.4 percentage points from the November figure of 50.7 percent. | |||
=== November 2023 === | === November 2023 === | ||
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The Manufacturing PMI registered 46.7 percent in November, unchanged from the 46.7 percent recorded in October<ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/november/</ref> | The Manufacturing PMI registered 46.7 percent in November, unchanged from the 46.7 percent recorded in October<ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/november/</ref> | ||
65 percent of manufacturing gross domestic product (GDP) contracted in November, down from 75 percent in October. More importantly, the share of sector GDP registering a composite PMI calculation at or below 45 percent — a good barometer of overall manufacturing weakness — was 54 percent in November, compared to 35 percent in October and 6 percent in September. Three of the top six industries by contribution to manufacturing GDP were at or below 45 percent, same as the previous month | |||
'''The past relationship between the Manufacturing PMI and the overall economy indicates that the November reading (46.7 percent) corresponds to a change of minus-0.7 percent in real gross domestic product (GDP) on an annualized basis.''' | '''The past relationship between the Manufacturing PMI and the overall economy indicates that the November reading (46.7 percent) corresponds to a change of minus-0.7 percent in real gross domestic product (GDP) on an annualized basis.''' | ||