Upsurge in housing PMI shows signs of recovery

Financial Tribune – The overall PMI settled at 60.55 from 18.78 in the first Iranian month, indicating a 222.93% increase month-on-month

The Purchasing Managers’ Index in the second month of the current fiscal year (April 20-May 20) settled at 60.55 from 18.75 in the preceding month (March 20-April 19), showing signs of recovery after plunging for two months in the aftermath of the coronavirus pandemic.

Iran Chamber of Cooperatives has measured the PMI for the country’s real-estate and construction sectors, under the Farsi acronym “Shamekh”, for the second month of the current Iranian year (ended May 20).

The new report shows the overall PMI settled at 60.55 from 18.78 in the first Iranian month, indicating a 222.93% increase month-on-month, the Statistics and Economic Analysis Center of the Iran Chamber of Commerce, Industries, Mines and Agriculture announced.

As an indicator of economic health, PMI provides information about current business conditions to decision-makers, analysts and purchasing managers.