The ISM Manufacturing PMI, formally the Manufacturing Purchasing Managers' Index, is a monthly diffusion index compiled by the Institute for Supply Management from a survey of purchasing and supply executives at more than 400 US manufacturing companies, first published in its modern form in 1948. A reading above 50 indicates the manufacturing sector is generally expanding compared with the prior month while a reading below 50 indicates contraction, and because the survey results are typically released on the first business day of the month, well ahead of official government output data, it is one of the earliest and most closely watched monthly signals of the direction of the US manufacturing economy; equivalent purchasing managers' indices compiled by S&P Global (formerly IHS Markit) are published for dozens of other countries.
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