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Purchasing Managers Index shows SE Michigan economy slowed in November
December 2, 2012
The Southeast Michigan Purchasing Managers Index (PMI) for November is at 51.9, dropping eight points from the October PMI of 58.9 and indicating slowing growth in the Southeast Michigan economy. Declines in production activity, new orders and hiring were the factors contributing to this month's decrease. "A PMI value greater than 50 generally suggests an expanding economy, so at 51.9 the Southeast Michigan economy still experienced growth this month, but at a significantly slower rate than last month," said Ken Doherty, assistant vice president for procurement and strategic sourcing at Wayne State University and a member of the Southeast Michigan chapter of the Institute for Supply Management. "Purchasing managers expressed a variety of concerns about the economic environment over the next six months," said Nitin Paranjpe, a supply chain faculty member at Wayne State University's School of Business Administration who interpreted the results of the purchasing managers survey. "The 'fiscal cliff,' tax reform, economic conditions in Europe, China and the Middle East; and the implementation of new heath care laws were some of the concerns they shared in our survey."