Southeast Michigan Purchasing Managers Index rebounds in February to 56
The Southeast Michigan Purchasing Managers Index (PMI) bounced back to 56 in February, suggesting last month’s sudden drop to 50, was an anomaly. The three month PMI average finished at a solid 56.7. A PMI value above 50 generally suggests economic growth.
"In February, the Southeast Michigan economy got back on track," said Timothy Butler, associate professor of supply chain management at Wayne State’s School of Business, who interpreted this month’s results. "January’s drop has been eclipsed by regained momentum in the Production, Employment and Finished Goods indices."
Purchasing managers confidence is, in general, optimistic as almost 95 percent of the respondents’ are expecting the economy to remain the same or become more stable over the next six months. However, they noted that the West Coast port work stoppage was impacting their ability to maintain customer schedules.
In February, respondents’ reported petroleum and specialty steel were up in price, while resins were down in price.
The Southeast Michigan Purchasing Managers Index (PMI) is a research partnership between Wayne State University’s School of Business and the Institute for Supply Management – Southeast Michigan.