How are the EMI data calculated?
Individual national emerging market manufacturing and service sector surveys are weighted together according to the importance of each sector relative to total emerging market gross domestic product. This produces headline survey data for Emerging Market manufacturing and Emerging Market service sector economies. For manufacturing, twelve indicators are produced (see above). For services, seven indicators are produced (see above). The manufacturing and service sector data are in turn weighted together to produce the overall, all-sector indices. Six all-sector indices are produced, covering new orders, input and output prices, backlogs and employment, with the headline figure – the HSBC EMI – a composite measure of the combined (all-sector) output of emerging market manufacturing and service sectors. The indices vary between 0 and 100 with a level of 50.0 signalling no change on the previous month.
