The S&P Global PMI indices are monthly surveys of chief purchasing and operations officers in the private sector, covering manufacturing and services separately before being combined into a composite index. They are produced by S&P Global Market Intelligence, following the diffusion index methodology used worldwide for over 40 economies. Preliminary reports are released about a week before month‑end based on 75‑85% of responses, while final reports appear early the next month after all data are collected. Because of their early release, these reports are closely watched as early indicators of the economic cycle.
The manufacturing PMI is built from five sub‑indices—new orders, production, employment, supplier delivery times, and inventory purchases—while the services PMI focuses on business activity. Both surveys provide details on new orders, employment, input and output prices, backlogs, and 12‑month production expectations. The manufacturing panel covers roughly 800 firms, weighted by size and GDP share, and the services panel is larger.
In the United States, the S&P Global manufacturing PMI is often compared with the older ISM index; differences in sample composition, weighting, and seasonal adjustments can lead to noticeable divergences. The services PMI is also tracked alongside the ISM services report, with seasonally adjusted data and a related price index used by inflation analysts.