Purchasing Managers' Index (PMI)

PMI (Purchasing Managers' Index) is a monthly business-activity gauge built from surveys of purchasing managers in manufacturing and services firms. A reading above 50 signals expansion, below 50 signals contraction, and the distance from 50 shows how fast conditions are changing. As a leading indicator of economic health, PMI releases (such as the US ISM or China's Caixin) can move a currency sharply on publication.