As dull as it sounds, the monthly manufacturing Purchasing Managers’ Index (PMI) has become one of the most closely watched business surveys in the world, and with good reason.
It relies on hard data from senior executives on the front line of production,
It’s a survey, of those executives. Yes, effort goes into making them think about the real numbers when they answer but it isn’t hard data.
It’s very useful, highly predictive of the real numbers which come out later and so on and on. But it still ain’t hard data.