Manufacturing watch: what are the surveys saying?
Manufacturing surveys — PMIs, ISM, regional Fed indices — arrive early each month and set the tone for the data that follows. Prices-paid components add an inflation read on top.
What are you seeing?
- the manufacturing surveys you follow
- how the prices-paid signals fit your inflation view
- the currency implications you draw
Background: PMI explained and the Empire State survey.
Background: PMIs explained: the survey data that moves currencies early
Purchasing managers' indexes are among the first economic numbers published each month. What the 50 line means, which PMIs matter and how traders use them.
What does a PMI of 50 mean?
50 is the dividing line: readings above 50 indicate that business activity is expanding compared with the previous month, and readings below 50 indicate contraction.
What is a flash PMI?
An early estimate published before the month ends, based on most of the survey responses. Flash PMIs often move markets more than the final figures.
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