Special Report: Do oil prices impact PMI?

Oil and manufacturing data don't always move in sync — and figuring out when they do line up can say a lot about where things are headed next. Our latest research digs into the historical relationship between the ISM Manufacturing PMI and crude oil prices, testing whether oil moves predict PMI shifts (or vice versa) across nearly 40 years of data, including a fresh look at how China's oil import trends factor into the picture. The findings are more nuanced than the standard narrative — the relationship isn't constant, and it strengthens sharply around major macro shocks while staying muted the rest of the time. 

Head to our downloads section to read the full report.