Southeast Michigan Purchasing Managers Index rebounds in July

The Southeast Michigan Purchasing Managers Index rebounded in July to 53.1. Economists said the quick rebound indicated that the unexpected June drop to 49.2 was only temporary. The July PMI is consistent with index figures for the last six of eight months, which are in the low to mid 50′s indicating an expanding economy. “Key components of the survey contributed to the rebound of July’s PMI,” according to Nitin Paranjpe, a supply chain faculty member at Wayne State’s School of Business Administration who interpreted this month’s results. “Production activity is at 54.8, new orders increased to 53.2 and employment was up slightly from the previous month to 58.1. This all points to continued growth in the Southeast Michigan economy.”

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