ISM Report On Business
economic report issued by the Institute for Supply Management
The ISM® PMI® Reports, also known as ISM Report On Business, ROB or the ISM Report, is the collective name for two monthly United States statistical business reports, the Manufacturing PMI and the Services PMI (formerly Non-Manufacturing), published by US Institute for Supply Management. The PMI Reports are based on a national survey of purchasing and supply chain professionals tracking changes in the manufacturing and services sectors. It is considered to be one of the most reliable economic barometers of the U.S. economy and gives an important early look at the health of the nation's economy. In addition to being market moving, the PMI Reports makes an important contribution to the American statistical system and to economic policy. It also has one of the shortest reporting lags of any macroeconomic series.
History
The origin of the Manufacturing ISM Report On Business can be traced back to 1923. The ISM, then known as the National Association of Purchasing Agents (N.A.P.A.), began to survey its members and share the results with them. Three years later, N.A.P.A. selected Edward T. Gushee, a purchaser from Detroit, Michigan, to supervise the organization's survey group and expand the information they gathered.
In 1930, U.S. President Herbert Hoover sought information that could help resolve the economic difficulties of the Great Depression. With President Hoover's support, the U.S. Chamber of Commerce organized a committee to gather pertinent business data from companies that were members of the Chamber.
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This entry incorporates text from “ISM Report On Business” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.