Iranian PMI Declines for Third Consecutive Month
EghtesadOnline: The Purchasing Managers' Index for Iran’s economy has declined for the third consecutive month to break below the 50-mark threshold.
The Purchasing Managers' Index for Iran’s economy has declined for the third consecutive month to break below the 50-mark threshold.
The latest survey of the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture — the sponsor and coordinator of PMI reports in Iran — shows the index (known by its Farsi acronym Shamekh) settled at 48.06 in the fifth month of the current Iranian year (July 23-Aug. 22), down from 50.10 registered in the previous month, indicating a 2.04-point or 4.07% decline.
PMI indicates the prevailing direction of economic trends in the manufacturing and service sectors. The headline PMI is a number from 0 to 100, such that over 50 indicates an economic expansion compared with the previous month. A PMI reading under 50 indicates contraction and a reading of 50 implies no change.