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Abbreviation for Purchasing Managers' Index. Most industrialised countries conduct monthly surveys of purchasing managers activity in the manufacturing sector and in the services sector from which an index is calculated; they are known colloquially as manufacturing PMIs or services PMIs. A PMI of greater than 50 indicates growth in the sector and less than 50 contraction. PMI surveys also cover changes in orders, employment, inventories and prices compared with those of the previous month. PMI indices are significant leading economic indicators and are closely watched by financial markets. Survey methodology varies from country to country.
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