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ISM Manufacturing PMI
What is ISM Manufacturing PMI?
Diffusion index measuring manufacturing sector activity. Above 50 = expansion.
Why it matters
The single most watched leading indicator for U.S. economic direction.
How to read prints
When it rises
Manufacturing expanding (>50); cyclical demand firm.
When it falls
Manufacturing contracting (<50); recession signal at sustained sub-45.
Frequently asked
What is the ISM Manufacturing PMI?⌄
A diffusion index from a monthly survey of purchasing managers at U.S. manufacturing firms. 50 is the expansion/contraction line.
When is it released?⌄
First business day of each month at 10 AM ET, for the prior month.
What sub-indices matter most?⌄
New Orders (forward demand), Prices Paid (input inflation), Employment (jobs leading indicator), and Backlogs.
How does it move markets?⌄
Surprises move bond yields, the dollar, and cyclicals (industrials, materials, energy) more than the broad market.
Track it on Market Ontology
Monitor ISM Manufacturing PMI in real time on Growth & Real Economy, alongside regime classification, transmission mapping, and cross-asset context.
| Source | Institute for Supply Management |
| Frequency | Monthly |
| Category | Growth |
| FRED Series | NAPM |
| Unit | index |
| Related Module | Growth & Real Economy |
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