簡介
The Purchasing Managers' Index (PMI)is an indicator produced by Markit Group and the Institutefor Supply Management of financialactivity reflecting purchasing managers' acquisitionof goods and services.
採購經理人指數（ PMI ）是由markit公司和供應管理學會（ISM）共同提出用以反映經濟活動的綜合性指標，藉助它的量化指標折射出採購經理人買賣商品或服務的狀況。
Markit Group and the Institute for Supply Management compile The Purchasing Managers' Index(PMI) surveys on a monthly basis by polling businesses that represent the makeup of the respective sector. The surveys cover privatesector companies, but not the public sector.
Markit公司與供應管理學會每個月先通過投票選出能代表各個經濟領域的商業組成，然後再匯總這些商業組成的相關調查數據得出採購經理人指數。該調查只涵蓋私營公司，不包括公共事業部分。
The current Purchasing Managers' Index(PMI) survey can be found under "ISMReports On Business"on the ISM home page, or directly on this page. The surveys arereleased shortly after the end of the reference period. The actual releasedates depend on the sector covered by the survey. Manufacturing data aregenerally released on the 1st working day of the month, followed byconstruction on the 2nd working day and services on the 3rd working day.
最新的採購經理人指數可在ISM官網主頁面的“ISM商業報告（ISM Reports On Business）”中找到，或是直接點這裡。該調查常在完成調查整理工作不久後即刻發布。實際公布日期取決與該項調查所涵蓋的領域。製造業數據一般會在每個月的第一個工作日發布，隨後兩天分別發布基建數據和服務數據。
The Institute for Supply Management in Tempe, Arizona.(ISM)began to produce the report for the US in 1948.The data for the index arecollected through a survey of 400 purchasing managers in the manufacturingsector on five different fields, namely, production level, new orders fromcustomers, speed of supplier deliveries, inventories and employment level.Respondents can report either better, same or worse conditions than previousmonths. For all these fields the percentage of respondents that reported betterconditions than the previous months is calculated. The five percentages aremultiplied by a weighing factor (the factors adding to 1) and are added.
位於亞歷桑那州坦佩市的供應管理學會於1948年開始向美國國內發布報告。用以匯總指數的各項數據是通過對來自製造業的400位採購經理人關於五個不同領域的調查得出的，這五個領域包括：生產水平，客戶的新訂單，供應商交貨速度，貨物存量與僱工情況。被調查者通過對比上月數據回答當月情況是變好，不變還是變糟。全部五個領域中回答變好的被調查者所占的比重作為有效數據。此五個領域的百分比乘以一個權重因數（因數總和為1）然後再相加。
The Chicago-PMI survey registersmanufacturing and non-manufacturing activity in the Chicago region. Investors care about thisindicator because the Chicagoregion somewhat mirrors the nation in its distribution of manufacturing andnon-manufacturing activity.
芝加哥PMI調查能顯示本地區製造業與非製造業的經濟活動。投資人這所以關注這些指標是因為芝加哥地區從某種意義上說是全國製造業與非製造業活動的一面鏡子。
The predominant operator and owner of thePurchasing Managers Index (PMI) series outside the US is the Markit Group
美國本土外的採購經理人指數系列活動主要的運營方和擁有者是markit公司。
The Markit and ISM Purchasing ManagersIndices include additional sub indices for manufacturing surveys such as neworders, employment, exports, stocksof raw materials and finished goods, prices of inputs and finished goods.
Markit公司與ISM的採購經理人指數系列在製造業方面還包括一些附加的亞指數，如新訂單，僱傭情況，出口情況，原材料及成品庫存情況，投資額及成品價格。
Other similar purchasing managers indicesare operated by the IFO in Germany,The Bank of Japan in Japan(tankan)and the China PMI operated by the Chinese Government.
其它類似的採購經理人指數由德國的IFO，日本銀行（tankan）以及中國政府運營下的中國PMI公司負責完成。
Formula and calculation
計算方法
公式及算法
PMI data are presentedin the form of diffusion indexes and are calculatedas follows:
PMI數據是以擴散指數的形式提出，其計算方法如下所示：
INDEX = (P1*1)+ (P2*0.5) + (P3*0)
P1 =Percentagenumber of answers that reported an improvement.P2 = Percentage number ofanswers that reported no change.P3 = Percentage number ofanswers that reported a deterioration. INDEX = (P1 × 1) + (P2 × 0.5 ) + (P3 × 0)
P1：回答“有所改善”的被調查者所占的百分數。P2：回答“沒有變化”的被調查者所占的百分數。P3：回答“變糟”的被調查者所占的百分數。Thus, if 100% of the panelreported an improvement the index would be 100.0. If 100% reported adeterioration the index would be zero. If 100% of the panel saw no change theindex would be 50.0 (P2 * 0.5).
於是乎，如果100%的被調查者的答案都是“有所改善”的話，這一指數就為100.0。如果“變糟”的回答占到100%的話，指數將會變成0.如果100%的被調查者沒有看到變化，指數就為50.0（P2×0.5）。
Therefore, an indexreading of 50.0 means that the variable is unchanged, a number over 50.0indicates an improvement while anything below 50.0 suggests a decline. Thefurther away from 50.0 the index is, the stronger the change over the month.E.g. a reading of 55.0 points to a stronger increase in a variable than areading of 52.5.
所以，指數為50.0就意味著各變數沒有變化，超過50.0表示情況好轉，低於50.0則說明情況惡化。與50的差值大小反映了本月這一變化的強度。例如：變數值為55.0分就比52.5分的增長勢頭強勁。
套用
HeadlineManufacturing PMI
重要製造業PMI
The headlinemanufacturing PMI is a composite of five of the survey indices. These are Neworders, Output, Employment, Suppliers' delivery times (inverted) and Stocks ofpurchases. The ISM attributes each of these variables the same weighting whencalculating the overall PMI, whereas Markit uses the following weights: Neworders (0.3), Output (0.25), Employment (0.2), Suppliers' Delivery Times(0.15), Stocks of purchases (0.1).
重要製造業PMI是五項調查指標的匯總，即新訂單，產量，僱傭情況，供應商供貨時長（反向的）以及交易量。在計算綜合PMI時，供應管理學會（ISM）給這些變數賦予了相同的權重，而Markit公司由採用下述權重分配辦法：新訂單（0.3），產量（0.25），僱傭情況（0.2），供應商供貨時長（0.15），交易量（0.1）。
Markit Economics’ PMI surveys
Markit 經濟學 PMI 調查
Survey Panels
調查對象組
Purchasing managers form a near ideal survey sample base, having access to information often denied to many other managers. Due to the nature of their jobfunction, it is important that purchasing managers are among thefirst to know when trading conditions, and therefore company performance,change for the better or worse. Markit therefore uses such executivesto produce data on business conditions.
眾多採購經理人組成了一種近乎完美的調查樣本基礎，可使人們了解到很多經理人不願承認的信息。由於他們崗位職能的性質所需，採購經理人掌握交易情況的第一手資料顯得尤為重要，當然還有公司業績表現，是變好還是變的更糟。Markit公司會運用一定的方法得出相應的商業狀況數據。
In each country, a panelof purchasing managers is carefully selectedby Markit, designed to accurately representthe true structure of the chosen sector of the economy as determined byofficial data. Generally, value added data are usedat two-digit SIClevel, with a further breakdown by company size analysis where possible. Thesurvey panels therefore replicate in miniature the actual economy. A weighting systemis also incorporated into the survey database that weights each response by company size and the relative importance ofthe sector in which that company operates. Particular effort is made to achievemonthly survey response rates of around 80%, ensuring that an accurate pictureof business conditions is recorded over time.
各個國家的採購經理人調查組是由Markit公司精心挑選出來的，以期精確反應由官方數據選定的經濟領域的真實結構。一般來說，如果條件允許，在2位數簡化指令計算機水平上，附加價值數據用於進一步解析公司規模分析。因此被調查小組相當於實際經濟體的微縮複製。同時，一種權重系統也被納入了調查資料庫，用以權衡公司規模每一項數據以及公司運營各領域的相對重要性。工作人員還要做大量的工作使得每個月的回覆率達到80%左右，只有這樣才能準確描繪出這段時間商業狀況的全景圖。
Data are collected inthe second half of each month via mail, email, web, fax and phone.
數據是在後半月通過信件，電子郵件，網頁，傳真或電話調查獲得的。
