SE Michigan Purchasing Managers Index slips in October, but still suggests growth

The Southeast Michigan Purchasing Managers Index was 54.7 in October, down from September’s 59.4 but still above the threshold of 50 that indicates economic growth. "We continue to enjoy a bright economic outlook," Timothy Butler, an associate professor of supply chain management at Wayne State University’s School of Business, said in a release. Components of the index that drove growth were the New Orders Index, the Finished Goods Inventory Index and the Employment Index, which has remained above 50 since July 2012. Purchasing managers’ confidence remains high, with 93.4 percent thinking the local economy will remain stable or become more stable over the next six months. Respondents reported prices were up for resins, aluminum and steel for the month, while oil and copper prices were down. The Purchasing Managers Index is a partnership between WSU and the Institute for Supply Management – Southeast Michigan.

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