Southeast Michigan Purchasing Managers Index rises sharply in March to finish at 64.5
The Southeast Michigan Purchasing Managers Index (PMI) climbed to 64.5 in March, improving upon February’s finish of 56.0. The three month PMI average remains essentially unchanged at 56.9. A PMI value above 50 generally suggests economic growth.
"The March survey showed a powerful surge in economic activity," said Nitin Paranjpe, a supply chain faculty member at Wayne State’s School of Business, who interpreted this month’s results. "As the year gets underway, the economy is expanding and in March its growth is primarily attributable to the sub-components of the PMI including the Production, New Orders and Employment indexes."
Confidence among March respondents is optimistic with 95 percent expecting the economy to remain the same or become more stable over the next six months. However, the continued West Coast port work stoppage does continue to have some effect on imports.
In the March survey, respondents’ indicated consulting services were up in price, while steel and storage hardware were down in price.
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.
The full PMI report for March can be found at http://www.ism-sem.org/resources/files/Report-on-Business-March-2015.pdf