- Wealth PMS (50L+)
The HSBC Market Purchasing Manager’s Index for September is at 55.0, a marginal increase over August’s 54.3. This is a composite indicator consisting of a manufacturing indicator (which is at 52.8) and a services indicator that’s at 55.8. Numbers above 50 show expansion, and below 50, contraction.
There are two immediate problems with this data, just as you consider that it is not impressive enough to show a huge recovery.
1. The services index is based on a single question. I’m like very fond of indexes but based on a single question?
2. I have no idea what a Purchasing Manager is.