A national manufacturing index based on a survey of the National Association of Purchasing Managers. The group is made up of approximately 300 industrial companies' executives. The survey covers indicators such as new orders, production, employment, inventories and export orders. The report is released on the first business day of every month. A reading over 50% indicates expansion from the month prior, while a reading under 50% indicates contraction. Being that it is one of the first comprehensive economic reports of the month, it can often indicate the "mood" of subsequent releases. This report can have a significant impact, particularly on the bond market, during periods of inflationary concern.