PMI for Industries Drops Below Threshold

The Purchasing Managers’ Index for industries in the eighth month of the current fiscal year (Oct. 22-Nov. 20), settled at 47.63 from 52.22 in the preceding month (Sept. 22-Oct. 21), indicating a 4.59-point or an 8.79% decrease.
The announcement was made by the Statistics and Economic Analysis Center of Iran Chamber of Commerce, Industries, Mines and Agriculture. The center is measuring PMI, known by its Farsi acronym Shamekh, in Iran for the past 26 months. 
PMI is an indicator of economic health for manufacturing and services sectors. It provides information about current business conditions to company officials, analysts and purchasing managers. 
The headline PMI is a number from 0 to 100. A PMI above 50 represents an expansion when compared with the previous month. A PMI reading under 50 represents a contraction, and a reading at 50 indicates no change. The further away from 50, the greater the level of change.