2018 Economic Calendar
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PMI Composite FLASH  
Released On 7/24/2018 9:45:00 AM For Jul, 2018
PriorConsensusConsensus RangeActual
Composite – Level56.0 56.3 54.3  to 56.5 55.9 
Manufacturing – Level54.6 54.9 54.7  to 55.0 55.5 
Services — Level56.5 56.4 54.2  to 56.8 56.2 

The PMIs, at a composite 55.9 for July, are signaling another month of solid growth for the U.S. economy with services steady at 56.2 and manufacturing accelerating slightly to 55.5.

Incoming orders for the service sector are described as turning sharply higher with business activity said to be "robust". Incoming orders for manufacturing are also described as "robust" with both production and employment in this sample posting solid upturns. Strength in manufacturing orders is centered in the domestic economy with export sales posting their largest drop in two years. Delivery times are the slowest in 11 years with manufacturers seeking to build up inventories due to scarcities.

Cost pressures for both sectors are the highest in five years and are described as "intense" with pass through to customers the highest in nine years. The report attributes the rise in costs to energy prices, rising salaries, and rising raw materials prices especially for metals. Hiring, however, is slowing, to its lowest rate of the year due in part to scarcity of skilled labor.

High costs and tight labor conditions are of course consistent with unusual strength in demand, underscored by optimism for the year ahead which is above last year's very strong trend.

Consensus Outlook
Moderate-to-strong growth has been the signal from the PMIs with manufacturing reaccelerating a bit in late June. The flash July consensus for the PMI composite is 56.3 with PMI manufacturing seen at 54.9 and PMI services at 56.4.

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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