The Manufacturing Purchasing Managers' Index (PMI) is an indicator that measures the economic health of the manufacturing sector. It provides insights into factors such as new orders, production levels, employment, and supplier deliveries. A PMI above 50 indicates expansion in the manufacturing sector, while a reading below 50 suggests contraction. The Manufacturing PMI is widely monitored as it reflects the overall economic conditions, industrial activity, and sentiment in the manufacturing industry, which is a significant contributor to economic growth and employment.