Southeast Michigan Purchasing Managers Index for August shows continued growth in economy
DETROIT—The Southeast Michigan Purchasing Managers Index (PMI) for August is 60.2, which is a marked increase over July's PMI of 53.1, reflecting continued strengthening of the economy. The three month average is relatively unchanged at 54.2.
Butler also reported the Commodity Prices Index rose in August to 55.6 from 54.8 in July and prices for brass coil, copper and polypropylene increased, while petroleum is reported down in price.
"The strong PMI score is primarily a result of the improved Production, and New Orders Index values, both of which increased by more than ten points," according to Timothy Butler, associate professor of supply management at Wayne State's School of Business Administration. "Specifically, the Production Index increased in August to 68.5, from 54.8 in July, while the New Orders Index, a key component of the PMI, rose to 64.8 August from 53.2 in July. These values correspond closely to positive news from domestic automakers regarding sales, and to generally positive consumer confidence reports," Butler said.
The Southeast Michigan Purchasing Managers Index (PMI) is a research partnership between Wayne State University's School of Business Administration and the Institute for Supply Management - Southeast Michigan.