2013 Economic Calendar
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PMI Manufacturing Index Flash  
Released On 9/23/2013 8:58:00 AM For Sep, 2013
PriorConsensusConsensus RangeActual
Level53.9 54.0 53.5  to 54.5 52.8 

Composite growth in the manufacturing sector is slowing this month according to the PMI flash index for mid-September which is at 52.8 vs 53.1 for the final August reading and vs 53.9 for the mid-month August reading. Especially soft is the leading component of the composite, that is new orders which is at 52.7 vs 55.7 in August and 56.5 at mid-month August. This is the lowest rate of order growth in Markit's sample since April.

Other readings on orders are mixed with new export orders falling into contraction, to 49.1 and down nearly 3 points from August for the lowest reading since June. But on the plus side is total backlog which moved back into the growth column to 50.6 for a 1 point gain.

A strength in today's report is output which is up nearly 3 points to 55.3 for the best rate of monthly growth since March. This reading hints at a September gain for the manufacturing component of the industrial production report which surged in August.

Other readings include slowing in employment growth and steady and mild pressure for both input and output prices. Inventory data show easing rates of destocking.

There are more negative than positive indications in today's report as the slowing in new orders points to slowing for future output, though current output looks very solid. Next manufacturing data on the Econoday calendar will be tomorrow with the Richmond Fed report for September followed on Wednesday by the durable goods report for August.

Consensus Outlook
The Markit PMI manufacturing index (final) showed manufacturing growth slowed the last two weeks of August, to 53.1 from 53.9 for the mid-month flash reading. The index came in at 53.7 in July. Any reading over 50 indicates monthly growth and the implied reading for the last two weeks points to a low 52 pace. Growth in new orders was somewhat strong but at 55.7 versus the flash 56.5 at mid-month, was a bit less strong than earlier in the month.

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

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