SE Michigan Purchasing Managers Index slips 5 points after slowdown in production, new orders
The Southeast Michigan Purchasing Managers Index slid nearly five points in November, from the October rating of 63.1 to 58.3. Nonetheless, the three-month average of 60.4 is considered robust, with a rating above 50 indicating economic growth. Purchasing managers attributed the slowdown in part to a weakening in production and new orders. "It's important to note that even with November's drop in the overall PMI, each sub-index is above 50, solidly confirming continued growth in our economy," said Nitin Paranjpe, a supply chain faculty member at Wayne State University's School of Business Administration.