2013 Economic Calendar
POWERED BY  econoday logo
U.S. & Intl Recaps   |   Event Definitions   |   Today's Calendar   |   

PMI Manufacturing Index Flash  
Released On 1/24/2013 8:58:00 AM For Jan, 2013
PriorConsensusConsensus RangeActual
Level54.2 54.0 52.0  to 55.3 56.1 

Forget about the very weak readings so far this month in the regional manufacturing reports. The PMI manufacturing flash, which is a national index, is at 56.1 this month vs a final December reading of 54.0. The flash is well above 50 to indicate strong monthly growth and is well over December to indicate an even faster rate of growth in general activity.

Details are mostly positive led by a three point jump in new orders which are at a very strong 57.7. Output shows similar strength and similar acceleration at 57.2 for a 2.7 point gain. Employment is rising at 55.6 for a 1.1 point gain.

New export orders, at a plus 50 level of 51.3, do show monthly growth but at a slower pace than December's 52.6. Total backlog orders show a slight contraction in the month.

Input prices at 59.7 continue to rise, though at a slightly slower rate than December's 61.9 which is a surprise given the rise now underway in fuel prices. Output prices show respectable pricing power at 54.0.

A special sign of strength in the report comes from inventory data which show a build for raw materials and a slowing draw for finished goods. Manufacturers were drawing down their inventories going into year end, but today's data suggest that rebuilding may now be underway which underscores confidence in the economic outlook and points to further strength for output and employment.

Markit Economics' PMI report has been consistently showing greater strength than other anecdotal reports and hard government data as well. But it's the direction of today's report -- much higher -- that could prove to be a special positive for today's stock market, especially given today's earlier release of very bullish jobless claims.

Consensus Outlook
The Markit PMI manufacturing index (final) for December was a very solid 54.0, down two tenths from the flash reading but up a solid 1.2 points from November's 52.8. Any reading over 50 indicates monthly growth in general business activity with December's higher reading indicating a greater rate of growth than November. In fact, 54.0 is the strongest final reading since May.

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

2013 Release Schedule
Released On: 1/242/213/214/235/236/207/248/229/2310/2411/2112/16
Release For: JanFebMarAprMayJunJulAugSepOctNovDec

powered by  [Econoday]