Key points
- Published for most economies by S&P Global (formerly IHS Markit); the US also has the ISM surveys.
- Forward-looking indicator of economic activity.
- Composite PMI combines manufacturing and services.
Example
If Manufacturing PMI is 52.5 and Services PMI is 54.0, both above 50 signal expansion; a print below 45 would flag contraction risk.
In history
The ISM manufacturing index fell to 41.5 in April 2020 during lockdowns, then rose above 60 in 2021 as reopening demand surged.
Related terms