Southeast Michigan Purchasing Managers Index falls in May
The Southeast Michigan Purchasing Managers Index, after three months of consecutive growth, lost 2.8 points in May to fall to a level of 59.9. A level above 50 indicates an expanding economy. The three-month average is 60.5. Though the overall index declined, important components of it were up. The commodity price index was up almost 11 points to 60.9, the highest it's been this year. And the employment index, which has risen for the past four months, hit 75, an increase that may be explained by summer hires related to the end of the school year.
