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Are 'Flash PMIs' a Useful Economic Indicator?
Markit has just begun to put out what it calls a "flash" estimate of U.S. manufacturing activity - that is, an early glimpse of the Institute for Supply Management's closely watched monthly gauge. The ISM's gauge is not a measure of actual production but rather a sentiment gauge of purchasing managers in the sector (hence "PMI," which is shorthand for "Purchasing Managers Index").
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