Southeast Michigan Purchasing Managers Index shows economic expansion in September
Reflecting ongoing confidence in the economy, the Southeast Michigan Purchasing Managers Index jumped in September to a level of 59.4, which is 4.6 points above the August level. Any value above 50 suggests economic growth. The rise in the overall index was driven by increases in the production and new-orders components. Production was at 61.4 and new orders at 65.7. "These are promising indicators of continuing growth," said Nitin Paranjpe, a supply chain faculty member at Wayne State University’s School of Business Administration. "It’s also interesting to note that though the employment index dropped from 60.3 in August, to 54.3 in September, its three-month average is very strong at 59.3."