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Local PMI indices forecast economy
One of the best kept secrets on Wall Street is the Purchasing Managers' Index. While it monitors only manufacturing industries, the PMI has demonstrated an uncanny ability to predict business conditions for the entire economy.
The index is released the first business day of each month by the National Association of Purchasing Management in Tempe, Ariz. During the days immediately preceding the announcement, the NAPM polls 300 purchasing executives on changes in five key indicators: new orders, industrial production, employment, speed of suppliers' deliveries and inventories. Those changes along with a set of weights, developed by a U.S. Commerce Department …