2017 Economic Calendar
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PMI Composite Flash  
Released On 5/23/2017 9:45:00 AM For May, 2017
PriorConsensusConsensus RangeActual
Composite – Level52.7 53.2 52.5  to 53.5 53.9 
Manufacturing – Level52.8 53.0 52.6  to 54.0 52.5 
Services — Level52.5 53.1 52.1  to 53.5 54.0 

A noticeable pick-up in the services sector offset continued softness in manufacturing to lift the PMI composite by 1.2 points to a respectable 53.9 in the May flash. The services PMI rose 1.5 points to 54.0 as new orders are at their best level of the year and employment is improving. Costs in the service sample are rising due to higher wages and higher costs for raw materials. And service providers, in further evidence that demand is strong, are passing these costs through with output prices also at their highest level of the year.

Manufacturing, at 52.5, is a different story with new orders, output and employment all subdued and slowing. Export sales posted only a marginal increase in the month with domestic sales also remaining subdued. Facing slower demand, manufacturers in the sample are reducing their inventories. In contrast to the service side, input costs in manufacturing are slowing.

Of special note in the report is a subdued year-ahead outlook in the service sector, one that contrasts with strong optimism at the beginning of the year. This report is mixed with manufacturing continuing to run behind other advance reports though services are mostly positive.

Consensus Outlook
The PMI composite held steady in April at a moderate 53.2 which is above either of the two components: 52.8 for manufacturing and 53.1 for services. This anomaly aside, the story of these reports is that, in comparison to nearly all other advance surveys, they are running at noticeably more moderate rates of growth and more correctly in line with government data. For the May flash the consensus is: 53.2 for the composite, 53.0 for manufacturing and 53.1 for services.

The flash Composite Purchasing Managers' Index (PMI) provides an early estimate of current private sector output by combining information obtained from surveys of around 1,000 manufacturing and service sector companies. The flash data are released around 10 days ahead of the final report and are typically based upon around 85 percent of the full survey sample. Results are synthesized into a single index which can range between zero and 100. A reading above (below) 50 signals rising (falling) output versus the previous month and the closer to 100 (zero) the faster output is growing (contracting). The report also contains flash estimates of the manufacturing and services PMIs. The data are produced by Markit.  Why Investors Care

2017 Release Schedule
Released On: 3/244/215/236/237/248/239/2210/2411/2412/14
Release For: MarAprMayJunJulAugSepOctNovDec

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