Good economic news: Southeast Michigan Purchasing Managers Index rises in March
By Tom Henderson
The Southeast Michigan Purchasing Managers Index increased to 66.1 in March, the highest reading since last May. An index above 50 indicates economic expansion.
The three-month average is 65.7. “Production, new order activity and employment all showed solid development in March, pointing to a stronger economy,” said Nitin Paranjpe, an economist and supply chain faculty member at Wayne State University’s business school. Paranjpe examined the survey data, gathered in combination with the Southeast Michigan chapter of the Institute for Supply Management. “In this time of high unemployment, the stronger economy is paradoxically leading to some labor shortages, especially in industrial, mechanical and electrical engineers,” Paranjpe said. “This may lead to high wage pressures for engineers.” Fox 2 business editor Murray Feldman aired a report during this morning’s “Money Works” segment.