How to read PMI

What manufacturing PMI and non-manufacturing NMI are, why 50 is the dividing line and how often they are published.

Updated：2026-11-14

What it is

PMI (purchasing managers' index) surveys purchasing managers in manufacturing; NMI is the equivalent index for non-manufacturing. Respondents say whether new orders, production, inventories and employment rose, stayed flat or fell versus the previous month, and the answers are combined into a diffusion index.

Why 50 is the dividing line

Above 50 means more firms report an increase than a decrease, i.e. expansion versus the previous month; below 50 means more contraction; exactly 50 is flat.

How to read it

• PMI shows the direction of change versus the previous month, not the absolute level of activity.
• A single month can be affected by seasonality and base effects; the publisher suggests watching the trend.
• Plotting PMI and NMI together shows how the two sectors compare.

When it is published

At the start of each month for the previous month, so the latest data month is usually last month.

Where to see it on this site

The PMI and NMI page shows the history with the 50 line and a table of the last 12 months.

This article only explains terms and calculations; it is not investment advice.