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Purchasing Managers Index: Difference between revisions
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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 | 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 past relationship between the Manufacturing PMI and the overall economy indicates that the October reading (46.7 percent) corresponds to a change of minus-0.7 percent in real gross domestic product (GDP) on an annualized basis''' | |||
* 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 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. | ||
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Twelve industries reported growth in October. | 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 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 Business Activity Index registered 54.1 percent, a 4.7-percentage point decrease compared to the reading of 58.8 percent in September. | ||