Report: Michigan economy stable, stronger
A May survey shows the southeast Michigan economy continues a strong economic recovery, with an index above 50 — which indicates a favorable economic environment — for 27 of the last 28 months, according to Wayne State University. The Southeast Michigan Purchasing Managers Index (PMI) bounced back in May from 62.6 to 66.3; the highest reading in 2012. The three month average is almost the same, at 65, which implies economic stability, researchers said. “This portends extremely well for the labor market in Michigan which for the longest period of time had struggled with a very high unemployment rate; one in excess of the nation,” said Nitin Paranjpe, an economist and supply chain management faculty member at Wayne State’s business school, who analyzed the survey data. Ken Doherty, a member of the Institute for Supply Management and assistant vice president for procurement and strategic sourcing at Wayne State University, also commented.