SE Michigan Purchasing Managers Index slips slightly in August
The Southeast Michigan Purchasing Managers Index in August declined slightly from a reading of 57.5 to 56.6. A reading above 50 indicates economic growth. The three-month average is 61.1. It was the third straight month of small declines since the index hit a seven-month high of 66.4 in May. The slight decrease was mostly a result of summertime drops in production and new orders and the falling of some commodity prices, according to Timothy Butler, an associate professor of global supply chain management at Wayne State University’s School of Business. “It won’t come as a surprise to anyone who’s been to the gas pump recently that prices on petroleum and propane are decreasing,” Butler said. “Carbon plate pricing was also down this month.”
