2019 Economic Calendar
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PMI Composite Flash  
Released On 1/24/2019 9:45:00 AM For Jan, 2019
 ConsensusConsensus RangeActual
Composite Index54.2 54.0  to 54.3 54.5 
Manufacturing Index53.5 53.4  to 54.3 54.9 
Services Index54.2 53.9  to 54.4 54.2 
US 6-Mo ChartGlobal Current
performance relative to consensus

Consensus Outlook
Slight easing for services and clear moderation for manufacturing made for a dip in the composite PMI for December, to 54.4 and 3 tenths lower vs November (December updated from a 53.6 flash). The consensus for January's flash PMI composite is for little change at moderate growth of 54.2, split between a services consensus also at 54.2 and a manufacturing consensus at 53.5.

Relative Performance Index

Econoday's RPI provides a handy summary measure of how an economy has recently been evolving relative to market expectations.
A reading above zero means that the economy in general has been performing more strongly than expected and vice versa for a reading below zero. The closer is the value to the maximum (+100) or minimum (-100) levels, the greater is the degree to which markets have been under- or over-estimating economic activity. A zero outturn would imply that, on average, the market consensus has been correct. Note too that the index is sensitized to place extra weight upon those indicators that investors consider to be the most important.

 

Definition
The flash Composite Purchasing Managers' Index (PMI) provides an early estimate of current private sector output by combining information obtained from surveys of around 1,000 manufacturing and service sector companies. The flash data are released around 10 days ahead of the final report and are typically based upon around 85 percent of the full survey sample. The report tracks changes in variables such as new orders, stock levels, employment and prices across both manufacturing and services. Production is also tracked, defined as "production" for manufacturing and "output" for services. Results are synthesized into a single index which can range between zero and 100. A reading above (below) 50 signals rising (falling) output versus the previous month and the closer to 100 (zero) the faster output is growing (contracting). The report also contains flash estimates of the manufacturing and services PMIs. The data are produced by S&P Global. Why Investors Care

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