Purchasing Managers Index: Difference between revisions

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 === Methodology ===
+=== October 2023 ===
+==== Manufacturing ====
+The Manufacturing PMI registered 46.7 percent in October, 2.3 percentage points lower than the 49 percent recorded in September. The overall economy dropped back into contraction after one month of weak expansion preceded by nine months of contraction.<ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/pmi/october/</ref>
+Seventy-five percent of manufacturing gross domestic product (GDP) contracted in October, up from 71 percent in September. 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 37 percent in October, compared to 6 percent in September and 15 percent in August. Three of the top seven industries by contribution to manufacturing GDP fell into this category
+* The New Orders Index remained in contraction territory at 45.5 percent, 3.7 percentage points lower than the figure of 49.2 percent recorded in September.
+* The Production Index reading of 50.4 percent is a 2.1-percentage point decrease compared to September’s figure of 52.5 percent.
+* The Prices Index registered 45.1 percent, up 1.3 percentage points compared to the reading of 43.8 percent in September.
+* The Backlog of Orders Index registered 42.2 percent, 0.2 percentage point lower than the September reading of 42.4 percent.
+* The Employment Index registered 46.8 percent, down 4.4 percentage points from the 51.2 percent reported in September.
+==== Sevices ====
+In October, the Services PMI registered 51.8 percent, 1.8 percentage points lower than September reading of 53.6 percent. The composite index indicated growth in October for the 10th consecutive month after a reading of 49.2 percent in December 2022.
+Twelve industries reported growth in October.
+The past relationship between the Services PMI and the overall economy indicates that the Services PMI<sup>®</sup> for October (51.8 percent) corresponds to a 0.7-percent increase in real gross domestic product (GDP) on an annualized basis<ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/october/</ref>.
+* The Business Activity Index registered 54.1 percent, a 4.7-percentage point decrease compared to the reading of 58.8 percent in September.
+* The New Orders Index expanded in October for the 10th consecutive month after contracting in December for the first time since May 2020; the figure of 55.5 percent is 3.7 percentage points higher than the September reading of 51.8 percent.
+* The Prices Index registered 58.6 percent in October, a 0.3-percentage point decrease from the September reading of 58.9 percent.
+* The Backlog of Orders Index registered 50.9 percent, a 2.3-percentage point increase compared to the September reading of 48.6 percent.
+* The Employment Index registered 50.2 percent, down 3.2 percentage points from the September figure of 53.4 percent.
 === September 2023 ===
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 ==== Services ====
-In September, the Services PMI registered 53.6 percent, a 0.9-percentage point decrease compared to the August reading of 54.5 percent. A Services PMI above 49.9 percent, over time, generally indicates an expansion of the overall economy. Therefore, the September Services PMI<sup>®</sup> indicates the overall economy is growing for the ninth consecutive month after one month of contraction in December 2022. Thirteen industries reported growth in September. '''The past relationship between the Services PMI and the overall economy indicates that the Services PMI for September (53.6 percent) corresponds to a 1.3-percent increase in real gross domestic product (GDP) on an annualized basis.'''<ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/september/</ref>
+In September, the Services PMI registered 53.6 percent, a 0.9-percentage point decrease compared to the August reading of 54.5 percent. A Services PMI above 49.9 percent, over time, generally indicates an expansion of the overall economy. Therefore, the September Services PMI<sup>®</sup> indicates the overall economy is growing for the ninth consecutive month after one month of contraction in December 2022. Thirteen industries reported growth in September. '''The past relationship between the Services PMI and the overall economy indicates that the Services PMI for September (53.6 percent) corresponds to a 1.3-percent increase in real gross domestic product (GDP) on an annualized basis.'''<ref>https://www.ismworld.org/supply-management-news-and-reports/reports/ism-report-on-business/services/september/</ref><blockquote>“There has been a slight pullback in the rate of growth for the services sector, which is attributed to slower rates of growth in the New Orders and Employment indexes. The majority of respondents remain positive about business conditions; moreover, some respondents indicated concern about potential headwinds.”</blockquote>
-“There has been a slight pullback in the rate of growth for the services sector, which is attributed to slower rates of growth in the New Orders and Employment indexes. The majority of respondents remain positive about business conditions; moreover, some respondents indicated concern about potential headwinds.”
 * The Business Activity Index registered 58.8 percent, a 1.5-percentage point increase compared to the reading of 57.3 percent in August.
 * The New Orders Index expanded in September for the ninth consecutive month after contracting in December for the first time since May 2020; the figure of 51.8 percent is 5.7 percentage points lower than the August reading of 57.5 percent.