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Southeast Michigan Purchasing Managers Index shows growth resuming
October 3, 2012
The Southeast Michigan Purchasing Managers Index for September is at 50.6, up nearly five points from the August PMI of 45.7 and indicating a resumption of growth in the Southeast Michigan economy after three declining months. "Employment, which had been growing, has basically leveled off," said Nitin Paranjpe, a supply chain faculty member at Wayne State University's School of Business Administration who analyzed the purchasing report from the Southeast Michigan chapter of the Institute of Supply Management. "Since employment is a lagging indicator, the growth in new orders and production activity should lead to a resumption of growth in employment in the future," he said. The Commodity Prices Index tempered slightly from 61.3 to 60.3. "Commodity price index slowed somewhat, though prices still remain at high levels similar to the trend seen in 2011, when they stayed high for 11 straight months," said Ken Doherty, assistant vice president for procurement and strategic sourcing at Wayne State University and a member of the Institute for Supply Management.