Purchasing Managers Index jumps 18 points in post-holiday surge
The Southeast Michigan Purchasing Managers (PMI) Index made a sharp rebound in January, alleviating concerns about a slowdown for the Michigan economy. The index, which measures activity such as production, new orders, inventories, and employment, rose to 65.9 in January after falling below 50 in December for the first time in more than a year. The PMI is an early indicator of economic activity, often forecasting where the overall economy is heading. “Almost every component of the index improved in this month’s survey,” said Nitin Paranjpe, an economist and supply chain faculty member at Wayne State University’s School of Business Administration, who conducted the analysis. “This bodes extremely well for the future of Michigan’s economy.”
