Purchasing managers index shows 'powerful surge' in March
The Southeast Michigan Purchasing Managers Index rose sharply in March to 64.5, which was 8.5 points above February's level. Values above 50 indicate economic growth. The three-month average is 56.9. "The March survey showed a powerful surge in economic activity," said Nitin Paranjpe, a supply chain faculty member at Wayne State University’s School of Business, who interpreted this month’s results. Components that drove the increase in the overall index were the production, new orders and employment indexes. Confidence in the economy by respondents was also strong, with 95 percent expecting the economy to remain the same or improve over the next six months.
Respondents said consulting services were up in price in March, while steel and storage hardware were down. The index is a research partnership between the business school and the Institute for Supply Management – Southeast Michigan.