Purchasing index for Southeast Michigan falls in July
The Southeast Michigan Purchasing Managers Index dropped nearly nine points in July, but there is no cause for alarm, and the outlook for the local economy still looks strong, said Nitin Paranjpe, Wayne State University School of Business part-time faculty in finance. The index fell from 66.1 in June to 57.5, with a number above 50 suggesting economic growth. “This month’s numbers likely reflect a typical midsummer slowdown in economic activity,” Paranjpe said in a release. The index’s three-month average remains at a healthy 63.3. The Purchasing Managers Index is a research partnership between the business school and the Institute for Supply Management - Southeast Michigan. “A number of respondents anticipate their businesses growing in the near future,” said Kenneth Doherty, an assistant vice president of procurement and strategic sourcing at WSU and a member of the Institute for Supply Management board.