SE Michigan Purchasing Managers Index dips a bit, still shows growth
The Southeast Michigan Purchasing Management Index slipped to 59.9 in September from August’s reading of 60.2. However, the three month average of 57.7 still provides strong evidence of an expanding economy, economists said.
“September marks the third consecutive month of increased economic activity throughout Southeast Michigan,” said Nitin Paranjpe, a supply chain faculty member at Wayne State’s School of Business Administration who interpreted this month’s results. “Contributing to the drop in September’s PMI was a reduction in production by about four points to 64.6 from 68.5 in August, and employment which fell about five points to 54.2 for the month.”