2012 Economic Calendar
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PMI Manufacturing Index Flash  
Released On 9/20/2012 8:58:00 AM For Sep, 2012
PriorConsensusConsensus RangeActual
Level51.9 51.5 51.0  to 52.5 51.5 

Growth in factory activity is modest and stable, according to the PMI manufacturing flash index from Markit Economics which is unchanged at 51.5. A modest but healthy rise in new orders, up five tenths to 52.4, leads the details of the report. This reading now shows two months of gains after hitting a recovery low in July at 51.0. But strength in new orders is centered in the domestic economy based on new export orders which, at 47.9, are below 50 for the fourth straight month to indicate monthly contraction. Another offset to the new order gain is the third contraction in four months for backlogs, but this should reverse if new orders keep coming in.

Other details include steady and moderate growth for production and for the sample's workforce, as well as slight and healthy inventory draws for both raw materials and finished goods. Price data show only the slightest pressure.

This report has definitely been on the positive side compared to other reports. The rival manufacturing report from the ISM has been picking up negative signals since June with new orders especially weak. Hard government data on the factory sector lag anecdotal reports significantly but what's available shows a big dip in production during August but one, however, preceded by a big jump in new orders during July.

Consensus Outlook
The Markit PMI manufacturing flash index posts this week for September activity. The final manufacturing PMI from Markit Economics for August was revised 4 tenths lower from the flash estimate to a 51.5 level that indicated modest monthly growth in business activity at just about the same level of growth as July's 51.4 reading. But unfortunately, the downward revision to the final reading in August was centered in new orders which were at a final 51.9 which is 7 tenths slower than the flash reading. New orders for this report are showing the slowest rate of monthly growth of the recovery.

Based on monthly questionnaire surveys of selected companies, the Purchasing Managers' Manufacturing Index (PMI) offers an advance indication on month-to-month activity in the private sector economy by tracking changes in variables such as output, new orders, stock levels, employment and prices across manufacturing industries. The flash index, usually released about a week before the final, gives a preliminary reading of conditions for the current month.  Why Investors Care

2012 Release Schedule
Released On: 4/235/246/217/248/239/2010/2411/2112/14
Release For: AprMayJunJulAugSepOctNovDec

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