Mich. PMI Shows Sharp Upswing, Continued Growth
DETROIT— The Southeast Michigan Purchasing Managers Index (PMI) for Oct. is 63.1, up from 59.9 in Sept., raising the three-month average for the economy to a robust 61.1. A PMI value above 50 generally suggests economic growth.
“Over the last fourteen months, the PMI has come in at 50 or above 13 times,” said Timothy Butler, associate professor of supply chain management at Wayne State’s School of Business Administration, who interpreted this month’s results. “October’s numbers confirm that the Southeastern Michigan economy continues to strengthen,” Butler said.
Just over 75 percent of respondents report their expectations are for the economy to remain the same or become more stable, though several respondents reported upcoming programs may require closure for tooling and the short term government shutdown caused many CEOs to put things on temporary hold.
Prices for copper, plated steel, travel (air fare and related services), glue and corrugated materials were up in October. Down in price were resin and petroleum.
The Southeast Michigan Purchasing Managers Index is a research partnership between Wayne State University’s School of Business Administration and the Institute for Supply Management – Southeast Michigan.
To view this month's report, visit http://www.ism-sem.org/resources/files/2013-September-PMI-Report.pdf.