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SE Mich. Index Shows January Manufacturing Growth
February 5, 2013
The Southeast Michigan Purchasing Managers Index (PMI) for January is at 55.3, an increase of 3.5 points from the December PMI of 51.8, indicating faster growth in the Southeast Michigan economy. Generally, index values above the threshold index of 50 indicate growth. Gains in new orders and employment were the significant contributing factors to this month's increase. "In the automotive sector, demand for engineers and other professionals is reportedly high, and wages for information technology contingent labor are going up. Many commodity prices are increasing with demand, but decreasing energy prices are providing a boost to the economy," 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. "Concerns of most of the respondents centered around legislative issues such as health care reform and gun control," 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.