Purchasing index for SE Michigan hits seven-month high
The Southeast Michigan Purchasing Managers Index rose slightly in May, going from a level of 66.3 to 66.4 to hit a seven-month high. A value above 50 suggests economic growth. The three-month average rose more than three points to 65.7. “The production index led the growth last month, gaining nearly 10 points,” said Nitin Paranjpe, a supply chain faculty member at Wayne State University’s School of Business, in a press release. Other components of the index that were strong were the new orders and employment indices. New orders slid 2.3 points but were still at a healthy 68.8. Employment was off 7.5 points to 68.8. Overall, 87.5 percent of respondents said they expected the economy to stay about the same or improve over the next six months, with 12.5 percent thinking the economy would become less stable. The index is a research partnership between WSU and the Institute for Supply Management - Southeast Michigan.