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Track the health of the global economy. Monthly data derived from surveys of senior executives in the private sector. The PMI features a headline number, indicating 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.
PMI data are released monthly, in advance of comparable official economic data
PMI data are compiled using proven standardized methodology, with indices available for over 40 countries
PMI data are compiled from survey questions tracking actual changes in business volumes such as output, not sentiment-based questions
Unlike many official economic indicators, PMI data are not revised after publication
Timely data and insights help you anticipate changing markets trends and monitor economic conditions.
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.
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 S&P Global.
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.
PMI datasets are used by governments, financial institutions and corporates for forecasting, analysis and planning, helping to monitor key economic variables:
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 |
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:
| Global | Europe | Asia | US | |
| 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 | • |
Q4 Global Economies in Flux: Drive Decisions with the Purchasing Managers’ Index™ (PMI®)
13 Dec 2023
With the world’s major central banks eager to assess changing economic conditions, December’s PMI data will provide an important assessment of the global economic and business environment.
Moving Macro: Anticipating Economic Shifts of Today and Tomorrow
30 Nov 2023
Explore the business impacts on economies and sectors over the short term, as well as the macroeconomic outlook for a recession, inflation, and implications for central bank policy in the long term.
Q3 Economies in Flux: Drive Decisions with the Purchasing Managers' Index™
13 Sep 2023
Recent data have shown a cooling in the paced of global economic growth after a better than expected second quarter. However, we had warned that this upturn had been fuelled by surprising resilience of consumer-facing services and financial services.
Chris is a well-known economic commentator and is regularly quoted in international business print and broadcast press, and frequently speaks at conferences on global economic issues. He also sits on a number of economic advisory panels.Chris joined the company in 2008 following the acquisition of NTC Economics, a provider of global macro-economic indicators, where he played a major role developing a world-leading provider of business surveys and economic indicators, including the PMI series. PMI surveys now encompass all major economies and are commonly cited as some of the most important sources of economic information available to central banks, financial markets and business decision makers.He studied Economics at the University of Nottingham and Economic Development at the University of Manchester.
Jingyi joined S&P Global Market Intelligence PMI team in 2021, bringing with her research experiences across both macroeconomics and financial markets. Her focus is on the Asia-Pacific region and can often be seen sharing her analysis and commentary across international business print and broadcast press.Prior to joining the company, Jingyi had been a Senior Market Strategist with an investment brokerage firm and had work experience in economic forecasting, planning and policy.Jingyi received her Bachelor of Social Sciences (Honours) in Economics from the National University of Singapore and Master of Science in Applied Finance from the Singapore Management University. She is bilingual in English and Chinese.
Joe is the Principal Economist in the Economic Indicators & Forecasts team, specialising in the Purchasing Managers' Index. The main focus of Joe's research is European economies, although he often writes commentary and analysis on global macroeconomic trends. Joe leads research that highlights the applications of PMI data to financial markets, having worked in both buy-side and sell-side institutions.Joe holds Master's and Bachelor's of Science degrees in Economics from the University of Surrey, UK. He achieved a distinction in his Master's degree and was awarded a prize for obtaining the highest mark in his cohort, after achieving a first-class in his Bachelor's.
Lewis is responsible for a portfolio of products within the Economic Indicators & Forecasts business including the Purchasing Managers' Index (PMI). In this role, Lewis is responsible for the development and strategy of product and broader solutions, servicing clients across financial institutions, corporations, government, and central banks. In addition, Lewis provides his expertise, knowledge and insights to customers to support their decisions.He has background in economics and previously worked as an economist, including for the PMI, where he was responsible for the production of various PMI reports and ad-hoc research and analysis. He joined S&P Global in 2019.Lewis holds a BSc in Economics from Kingston University, London and a MSc in Economics from the University of Reading. Lewis is based in the UK.
