Purchasing managers’ index (PMI)
A monthly survey that asks purchasing managers at private companies whether output, orders, prices and hiring rose or fell compared with the month before. Readings above 50 mean activity is growing; below 50, shrinking. A first “flash” estimate comes out before the month ends.
Example
The euro area’s flash composite PMI was 51.9 in October 2026, down from 53.1 in September: activity was still growing, but more slowly.
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