Definition
Monthly PMI (Purchasing Managers' Index) surveys of purchasing managers from S&P Global, for manufacturing and services, scored so that above 50 means growth and below 50 means contraction. A first "flash" reading comes late in the month and a "final" one early the next.
The story
They work much like the ISM (Institute for Supply Management) surveys but come from a different company with a different sample, so the two can disagree.
Why markets watch it
Flash PMIs are among the earliest data on each month, so they can move markets before the official reports arrive.
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We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms