Economic expansion continues as Southeast Michigan Purchasing Managers Index climbs to 59.4
Reflecting an on-going confidence and enthusiasm for the economy, the Southeast Michigan Purchasing Managers Index (PMI) for September is 59.4, up from 54.8 in August. A PMI value above 50 generally suggests economic growth.
"Significant increases in both the Production (61.4) and New Orders (65.7) indices contributed to the uptick in the PMI, and are promising indicators of continuing growth, said Nitin Paranjpe, a supply chain faculty member at Wayne State’s School of Business, who interpreted this month’s results. It’s also interesting to note that though the Employment Index dropped from 60.3 in August, to 54.3 in September, its three-month average is very strong at 59.3."
Almost 90 percent of respondents believe the Southeast Michigan economy will remain stable or become more stable over the next six months.
In September, prices were up for sugar, wood, aluminum, electricity, pharmaceuticals, paper and packaging products, ethelyne glycol, zinc and C5 resins. Computers, petroleum and copper were down in price.
The Southeast Michigan Purchasing Managers Index (PMI) is a research partnership between Wayne State University’s School of Business Administration and the Institute for Supply Management – Southeast Michigan.
The full PMI report for September can be found at http://www.ism-sem.org/resources/files/Report-on-Business-September-2014.pdf