PMI (indexes)

Indexes across Russia

PMI index of the service industry of Russia

As the PMI indexes are calculated

For August, 2012 the PMI Index is calculated for 32 countries and the main regions, including the Eurozone.

The PMI indexes are based on the monthly researches conducted among carefully selected companies. It allows to receive early indicators of what really occurs in economy of the private sector, tracing such variables as production, new orders, the inventory level, employment and the prices in industrial, construction and service sectors and also in the sector of retail.

The researches PMI are based on the facts, but not on opinions and are published by some of the very first indicators of an economic situation leaving monthly. For data collection identical methods over all countries are used that allows to carry out the international comparisons.

Advantages of the PMI indexes

The researches PMI are the first status lights of economy published monthly and much earlier the comparable data issued by the state organizations.

• provide the reliable, based on the facts indicators, unlike the indicators which are based on opinions or expectations.
• are issued quicker and more quickly than comparable official data.
• are issued on a monthly basis.
• cover economic activity practically of all private sector in many countries (including the most important service sector).
• results after publications are not reviewed.
• by preparation and release of data the identical methodology over all countries is used that allows to carry out direct international comparisons.

Reflects a lack of official statistical data in many cases of advantage of the data offered PMI, including:

1. Irregularity of publications Many state series, such as GDP, are published only quarterly whereas PMI is issued monthly.

2. Are published with delay There passes rather big time frame before official data are published. The data provided to PMI for several months advance official data.

3. Reviews of official data after the first publication Official data are object of considerable review even after were already published. Such reviews are a problem at adoption of the business solutions which are based only on similar statistics. Contrary to it data of PMI are not revised after publications, except for very exceptional cases of seasonal adjustment.

4. Lack of opportunities of comparison to the equivalent calculations used in other countries. Not all statistical institutes operate with data, using identical methodologies. In the Eurozone, for example, for calculations of GDP use significantly different, from used in Japan, a statistical technique.

As a result, the above-stated problems lead to a situation when purchasing managers and economists-analysts are forced to investigate a current status of the industry, using data which by the time of release already became outdated, and perhaps will be significantly reviewed after the first publication that in turn will raise doubts by comparison of data on other countries.

The historical data connected with the basic (not adjusted) numbers, the first published seasonally modified series and also afterwards revised data are available to subscribers of Markit.