S&P Global PMI

What Is the S&P Global PMI?

The S&P Global Purchasing Managers' Indices are monthly survey-based diffusion indices produced by S&P Global Market Intelligence (formerly IHS Markit) covering approximately 50 economies. The methodology is consistent across countries, making the S&P Global PMI the most reliable single-source dataset for cross-country PMI comparisons.

S&P Global publishes separate manufacturing, services, and composite PMIs for each economy. The headline indices use the same 50-line expansion/contraction threshold as ISM. The methodology emphasises new orders and business activity, with employment and supplier deliveries as secondary inputs.

Why It Matters for Markets

S&P Global PMIs are the cleanest single source for cross-country comparisons of manufacturing and services activity. They are particularly important for global macro analysis: tracking Eurozone PMI alongside US PMI reveals the relative momentum of the world's two largest currency areas, with direct implications for EUR/USD and global capital flows.

The "flash" PMI releases are among the earliest macro data each month, often arriving a week before the final ISM equivalents. Markets reprice on the flash, particularly when surprises are large — the 10-year Treasury and the dollar can move 5-15 basis points and 30-50 bps respectively on major surprises.

How to Read the Print

Flash vs final. The flash captures about 75-85% of survey responses; the final adds the remainder. Differences are typically small (1-2 points).

Composite vs separate manufacturing and services. The composite is a weighted average and is what most macro traders watch. The separate readings reveal divergences.

Cross-country comparison. The consistent methodology makes cross-country reads more reliable than comparing ISM to PMI Eurozone. Watch the US-Eurozone PMI gap as a primary EUR/USD driver.

Output vs new orders sub-indices. Output captures current activity; new orders capture future activity. New orders running above output signals growing backlogs and likely future strength.

Historical Context

S&P Global PMI data go back to the 1990s, with broader country coverage building out over the 2000s. The 2010-2019 averages varied by country: US manufacturing around 52, Eurozone manufacturing around 51, with services typically 1-3 points higher in each region.

Through 2024-2025, US PMIs have run broadly above 50 (composite around 52-54), Eurozone PMIs have struggled to stay above 50 (composite around 49-51), and emerging-market PMIs have been mixed. The persistent US-Eurozone PMI gap has been a defining feature of the cycle and a major support for sustained dollar strength.