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Bad data, S&P -1.52%
Manufacture sectors experience draw back. SPX down 1.5%, NDX down 2.2%, DJI down 1.05% and RUT down 2.5%. 12:35 am Taiwan time
Manufacturing PMI came out lower than expected at 47.2.
source: Institute for Supply Management
Facts
releasing in the first business day of each month at 10:00 a.m. EST.
leading indicator of economic performance
Two parts of PMI: manufacturing and service
Calculation
PMI = (P1 * 1) + (P2 * 0.5) + (P3 * 0)
P1 = percentage of answers reporting an improvement
P2 = percentage of answers reporting no change
P3 = percentage of answers reporting a deterioration
Interpretation
Continously contracting might signals the potential of recession.
The manufacturing prices were higher than expected, raw materials can be more expensive in the future, while they dropped 1.8%. (^XLB)
Questions of the day
What's the correlations of mPMI and stock performance?
How accurate are the manufacturing prices?
Which sector is the most sensitive to mPMI?
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