2018 Economic Calendar
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PMI Composite Flash  
Released On 3/22/2018 9:45:00 AM For Mar, 2018
PriorConsensusConsensus RangeActual
Composite – Level55.9 55.2 54.9  to 56.0 54.3 
Manufacturing – Level55.9 55.4 54.5  to 56.5 55.7 
Services — Level55.9 55.7 54.8  to 56.0 54.1 

Highlights
Solid growth for manufacturing highlights an otherwise soft PMI flash report for March. The manufacturing PMI came in at 55.7 which is right at a 3-year high. But the report's service sample is showing volatility, shooting suddenly higher in February and now falling back to a more moderate 54.1. Together they make for a 54.3 composite score which is down nearly 2 points from February.

Strength on the manufacturing side includes orders, production and employment but price pressures are perhaps the most telling result. A number of survey respondents cited higher prices for metals and increased charges by suppliers amid strong demand for raw materials. At the same time, selling prices rose at the strongest pace in just over 6-1/2 years.

Despite the slowing on the service side, orders and employment remain strong. And price pressures are also evident. Today's results should firm expectations for yet another sky-high reading in the ISM manufacturing report though they may temper expectations for ISM's non-manufacturing data.

Consensus Outlook
Continued overall strength is the expectation for March's flash PMIs which are all seen in a tight 55 range. The consensus for the PMI composite is 55.2 with PMI manufacturing at 55.4 and PMI services at 55.7. February's results showed strength in orders and hints of capacity stress including rising costs.

Definition
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
 

2018 Release Schedule
Released On: 1/242/213/224/235/236/227/248/239/2110/2411/23
Release For: JanFebMarAprMayJunJulAugSepOctNov
 


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