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This item downloads seasonally adjusted historical data of the PMI Index from the Institute of Supply Management (ISM). The PMI (Manufacturing Purchasing managers' index) number is compiled from a survey of managers' purchasing. The idea is that the more managers buy raw materials to fulfill their needs, the better the business is. This means that the economy will expand and the stock prices will likely increase.
A PMI number above 50 indicates that the manufacturing sector is expanding.
A PMI number below 50 indicates that the manufacturing sector is contracting.
An expanding (contracting) manufacturing sector is an indication that the economy will be expanding (contracting) as well.
The Institute's monthly survey has five components: new orders, production, employment, deliveries and inventories. These components are adjusted and then combined to create the PMI index. Note that the current item also downloads historical data for these components.
Six symbols are created and six time-series data are downloaded (From 1948 to present)
^ISM_NEW_ORDERS: Manufacturing new orders index
^ISM_PRODUCTION: Manufacturing production index
^ISM_EMPLOYMENT: Manufacturing employment index
^ISM_DELIVERIES: Manufacturing supplier deliveries index
^ISM_INVENTORIES: Manufacturing inventories index
^ISM_PMI: ISM Manufacturing PMI Index
NB: According to the ISM website, the PMI Index can explain about 60 percent of the annual variation in the Gross Domestic Product.