Sales Indexes Fall as Financial Crisis Bites and Inflation Stays High
The First Data on Economic Activity Levels in the United States - Every Month
Updated: March 22, 2023
Most US Sales Managers Indexes (with the exception of the Prices Charged Index) fell in March, some rather sharply.
United States: Prices Charged Index
Source: World Economics
Note: Data Shown as a Diffusion Index. (50 = 'No Change', above 50 = Increasing growth, below 50 = Declining growth)
0
0
0
USA|#0A66C2|56.3, 56.3, 56.6, 55.3, 53.7, 52.9, 54.6, 55.7, 56, 54.4, 57.6, 54.5, 55.8, 54.4, 56.4, 56.5, 56.7, 59, 59, 57.3, 54.9, 55.9, 55.8, 53.2, 54.9, 55.4, 52, 50, 52.5, 55.3, 53.6, 55.9, 55.8, 54.7, 55.1, 54.6, 51.7, 49.1, 40.1, 43.7, 47.9, 52.8, 52.4, 52.9, 56.5, 56.2, 57.4, 54.4, 56, 55.8, 57.2, 57, 58.4, 57.6, 56.4, 55.1, 59.7, 58.2, 58.2, 58, 57.7, 53.2, 55.2, 56.3, 53.2, 54.5, 56.6, 56, 56.6, 55, 52.8, 55.8, 56.4
Mar 2017, Apr 2017, May 2017, Jun 2017, Jul 2017, Aug 2017, Sep 2017, Oct 2017, Nov 2017, Dec 2017, Jan 2018, Feb 2018, Mar 2018, Apr 2018, May 2018, Jun 2018, Jul 2018, Aug 2018, Sep 2018, Oct 2018, Nov 2018, Dec 2018, Jan 2019, Feb 2019, Mar 2019, Apr 2019, May 2019, Jun 2019, Jul 2019, Aug 2019, Sep 2019, Oct 2019, Nov 2019, Dec 2019, Jan 2020, Feb 2020, Mar 2020, Apr 2020, May 2020, Jun 2020, Jul 2020, Aug 2020, Sep 2020, Oct 2020, Nov 2020, Dec 2020, Jan 2021, Feb 2021, Mar 2021, Apr 2021, May 2021, Jun 2021, Jul 2021, Aug 2021, Sep 2021, Oct 2021, Nov 2021, Dec 2021, Jan 2022, Feb 2022, Mar 2022, Apr 2022, May 2022, Jun 2022, Jul 2022, Aug 2022, Sep 2022, Oct 2022, Nov 2022, Dec 2022, Jan 2023, Feb 2023, Mar 2023
Although all bar one remain over the critical 50 no-growth line, the overall picture for March is somewhat negative.
Crucially, the evidence presented by the March Sales Managers Survey suggests that the Federal Reserve's Interest rate hikes have so far had only a modest restraining impact on prices.
The Sales Managers Prices Charged Index, now at a far from ideal reading of 56.4 continues to reflect rapid price rises in many areas of activity.
With the now added complication of a crisis of confidence in some major US banks, business confidence in general and sales activity in particular remain muted.
Headline Sales Managers Index: 50.6
Source: World Economics
Note: Data Shown as a Diffusion Index. (50 = 'No Change', above 50 = Increasing growth, below 50 = Declining growth)
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0
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India SMI Index|#0A66C2|54.4, 54.9, 54, 54.2, 55.4, 55.8, 54.5, 56, 56.5, 54.8, 55.6, 55.4, 56.6, 55.6, 55.3, 58, 59.6, 59.3, 59.6, 60.4, 60.4, 57, 53.9, 56.1, 55, 56.1, 55.9, 54.1, 53.7, 51.8, 53.5, 52.3, 51.9, 52.9, 52, 51.2, 47.9, 41.7, 34.6, 41.1, 44.1, 48.5, 50.7, 48.2, 48.9, 51.2, 51.5, 49.9, 51.5, 51.3, 52, 52.7, 54.9, 53.2, 52.4, 52.6, 54.5, 53.2, 53.5, 51.3, 49.5, 50.3, 51.4, 49, 49.6, 49.5, 50.6, 53, 51.4, 51.2, 49.2, 51.7, 50.6
Mar 2017, Apr 2017, May 2017, Jun 2017, Jul 2017, Aug 2017, Sep 2017, Oct 2017, Nov 2017, Dec 2017, Jan 2018, Feb 2018, Mar 2018, Apr 2018, May 2018, Jun 2018, Jul 2018, Aug 2018, Sep 2018, Oct 2018, Nov 2018, Dec 2018, Jan 2019, Feb 2019, Mar 2019, Apr 2019, May 2019, Jun 2019, Jul 2019, Aug 2019, Sep 2019, Oct 2019, Nov 2019, Dec 2019, Jan 2020, Feb 2020, Mar 2020, Apr 2020, May 2020, Jun 2020, Jul 2020, Aug 2020, Sep 2020, Oct 2020, Nov 2020, Dec 2020, Jan 2021, Feb 2021, Mar 2021, Apr 2021, May 2021, Jun 2021, Jul 2021, Aug 2021, Sep 2021, Oct 2021, Nov 2021, Dec 2021, Jan 2022, Feb 2022, Mar 2022, Apr 2022, May 2022, Jun 2022, Jul 2022, Aug 2022, Sep 2022, Oct 2022, Nov 2022, Dec 2022, Jan 2023, Feb 2023, Mar 2023
Sales Managers Index Components
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USA|#0A66C2|56.3, 57.1, 55.9, 54.4, 53.7, 56.7, 54.2, 56.3, 57.3, 53, 57.9, 57.8, 58.5, 56.8, 56.4, 60.2, 60, 61.5, 60.3, 61, 62.2, 58.8, 50.4, 57.7, 58, 59.1, 60.4, 57.9, 57, 54, 55.6, 53.8, 53.9, 53.9, 53, 52.6, 48.6, 41, 38, 45, 48.3, 50.4, 50.8, 49, 49.7, 51.2, 52.3, 51.7, 52.7, 52.4, 54.6, 53.6, 53.9, 52.1, 52.1, 52.2, 55, 54.8, 54.6, 50.7, 50, 50.7, 51, 49.7, 50, 50, 50.7, 53.2, 51.6, 51.4, 50, 50.3, 50.4
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Business Confidence
50.4
March 2023
The Business Confidence Index increased 0.1 index points in Marchto a three month high.
The Business Confidence Index measures the level of optimism/pessimism among sales for future conditions.
0
0
0
USA|#0A66C2|55.5, 54.3, 53.7, 55.3, 58.7, 57.3, 57, 58, 57.9, 59.9, 57.4, 55.1, 55.8, 55.3, 55.3, 56.5, 59.3, 60.3, 60.3, 61, 62.2, 60.3, 57.7, 57.4, 56.6, 56.8, 56.4, 54.2, 53.9, 52.2, 54, 53.4, 52.7, 51.9, 51.9, 51.4, 49.7, 40.6, 35.1, 42.3, 47.9, 49.6, 50.8, 50.3, 50, 52.1, 53.4, 51, 51.7, 51, 52, 52, 55.1, 54.2, 53.2, 52.9, 53.9, 53.4, 54.6, 50, 50, 49.6, 51.7, 51, 50.6, 51, 52.6, 54.6, 51.9, 51.1, 50, 53.1, 52.3
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Market Growth
52.3
March 2023
The Market Growth Index continued to show growth despite the index level declining by 0.8 index points.
The Market Growth Index monitors the underlying growth of the market segments into which the panel members sell.
0
0
0
USA|#0A66C2|54.9, 55.4, 55.9, 55.5, 56.5, 58.8, 55.1, 55.3, 56.4, 55.8, 56.2, 54.4, 56.7, 54.7, 54.9, 58.5, 61.9, 55.1, 59, 58.5, 56.1, 54.4, 56.6, 57, 53.8, 54.4, 54.7, 52.7, 54.6, 53.1, 53.6, 52.1, 51.2, 53.9, 52.7, 52, 48.9, 42.5, 34.3, 43.2, 43.6, 48.8, 53.5, 50, 50.7, 51.2, 53.7, 52, 52.3, 51.7, 51.6, 53, 55.1, 54.5, 53.2, 53.3, 55.4, 53.1, 55.3, 53.6, 49.6, 51.8, 52.1, 50, 49.7, 50.3, 53.3, 53.5, 52.8, 51.4, 48.9, 54.1, 51.5
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Sales Growth
51.5
March 2023
The Sales Growth Index value decreased by 2.6 index points in March down from the 13 month high in February.
The Sales Growth Index defines the speed and direction of overall sales of goods and services made by business during the month.
0
0
0
USA|#0A66C2|56.3, 56.3, 56.6, 55.3, 53.7, 52.9, 54.6, 55.7, 56, 54.4, 57.6, 54.5, 55.8, 54.4, 56.4, 56.5, 56.7, 59, 59, 57.3, 54.9, 55.9, 55.8, 53.2, 54.9, 55.4, 52, 50, 52.5, 55.3, 53.6, 55.9, 55.8, 54.7, 55.1, 54.6, 51.7, 49.1, 40.1, 43.7, 47.9, 52.8, 52.4, 52.9, 56.5, 56.2, 57.4, 54.4, 56, 55.8, 57.2, 57, 58.4, 57.6, 56.4, 55.1, 59.7, 58.2, 58.2, 58, 57.7, 53.2, 55.2, 56.3, 53.2, 54.5, 56.6, 56, 56.6, 55, 52.8, 55.8, 56.4
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Prices Charged
565.4
March 2023
The Prices Charged Index grew to a four month high in March, increasing 0.6 points.
The Prices Charged Index measures the speed and direction of changes in the current price of goods and services taking into account any discounts offered.
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USA|#0A66C2|50.8, 52.7, 50.5, 51.6, 52.8, 50.4, 51.5, 54.4, 54.3, 50.6, 51, 54.5, 55.4, 55.6, 54.5, 56.7, 57.4, 60.3, 59, 61, 61, 54.4, 51.1, 52.1, 51.7, 54.1, 52, 51.5, 49.3, 47.8, 50.8, 50, 50, 51.9, 50.3, 48.9, 44.2, 42.9, 31, 33.8, 36.4, 45.1, 47.6, 43.6, 45.4, 50.4, 46.6, 45, 49.3, 50, 49.7, 52.3, 55.6, 52.1, 51.1, 52.2, 53.5, 51.4, 49.6, 50.7, 48.5, 48.9, 50.7, 45.5, 48.1, 46.6, 45.7, 50.7, 49.4, 50.7, 47.9, 49.3, 48.1
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
Staffing Levels
48.1
March 2023
The Staffing Levels Index continued in contraction territory in March at a level of 48.1 - below the 50 'no growth' line.
The Staffing Levels Index monitors the level of growth or decline in employment against the same period a year earlier.
0
0
0
USA|#0A66C2|49.4, 50, 48.9, 50.7, 53.5, 50, 51.7, 53.2, 54.2, 47.8, 51.3, 52, 52.2, 52.4, 52.3, 54.9, 52.2, 46.2, 53.8, 57.3, 53.7, 52.9, 47.8, 48.9, 50.3, 51.4, 47.3, 49.7, 50.7, 50.9, 48.8, 50.4, 48.4, 51.6, 49.5, 49.4, 40.9, 40.6, 30.6, 33.3, 32.2, 42.7, 42.3, 43.6, 46.1, 47.9, 44, 45, 44.3, 46.6, 49.3, 50, 52.2, 50.7, 46.4, 47.5, 51.6, 46.9, 48.2, 46.4, 45.6, 43.6, 49.3, 48.3, 43.2, 46.6, 48.3, 50.4, 48.4, 49.6, 45.7, 45.9, 48.5
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Profit Margins
48.5
March 2023
Profit Margins continued to fall in March with an index value continuing well below the 50 'no growth' line.
The Profit Margins Index indicates gives insight into the level of profit sales teams are able to achieve and as a consequence the contribution companies can make to the country’s economy.
About the Sales Managers Indexes
The Sales Managers' Indexes provide the earliest monthly data on the speed and direction of economic activity in key growth areas of the world.
The SMI’s (Sales Managers’ Indexes) are compiled and analysed by World Economics and are based on survey data collected from a panel of companies stratifying all Industry Classification Board (ICB) sectors which are weighted to reflect their contribution to national Gross Domestic Product.
Key advantages of the SMI's:
- The SMI's provide the first indication each month of the speed and direction of economic growth.
- The SMI's provide the most complete indication of growth, covering all private sector activity.
- The SMI's are based on a key occupational group - sales executives - uniquely able to sense accurate changes in business activity levels.
- The SMI survey base - salespeople - are used by virtually all businesses, including in frontier markets, unlike other occupational groups.
- The SMI's focus on the key countries contributing to over 60% of United States growth in recent years.