SDNB/NIMA Manufacturing Purchasing Manager Index (PMI) is an indicator of business conditions in Norway calculated based on monthly surveys of purchasing managers from about 300 private sector companies.
Often purchasing managers can track changes in market conditions prior to other company employees, because purchases precede company's production activities. Purchasing managers are among the first to notice such changes. The sample for the survey is chosen so as to cover the maximum possible number of large manufacturing companies across the country.
The index is calculated as a weighted average of five sub-indices measuring production, orders, inventory, terms of delivery and employment. Survey participants provide relative estimates, that is, if the data is up, or if the data is down or if the data remains the same. The final index is calculated by adding half the percentage of "unchanged" answers to the percentage of answers that evaluate the current level as "higher". Readings above 50 indicate that most of respondents positively characterize current business conditions. Readings below 50 mean worsening of business conditions.
PMI is one of the most popular indexes closely watched by analysts. It provides operational information covering business activity in the entire Norwegian manufacturing sector. It is interpreted as a leading indicator of production and inflation. The growth of the DNB/NIMA Manufacturing PMI is an indicator of favorable market conditions and can be seen as positive for the Norwegian krone quotes.
The chart of the entire available history of the "DNB/NIMA Norway Manufacturing Purchasing Managers Index (PMI)" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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