DETROIT ? The economic outlook in Southeast Michigan got back on track in July when Wayne State University?s Southeast Michigan Purchasing Managers Index returned to spring levels, after a June Index one analyst described as a fluke.
The Southeast Michigan Purchasing Managers Index made a strong come back in July reaching 60, after experiencing a dramatic drop in June to 47.1 and making July?s numbers much more aligned with those from spring.
However, the dramatic swing caused the three month PMI average to grow more slowly, moving from 53.6 to 55.7. A PMI value above 50 generally suggests economic growth.
?The return of the PMI in July to 60, is consistent with the months of March, April and May, and suggest that the dramatic drop in June?s PMI was a fluke,? said Nitin Paranjpe, a supply chain faculty member at Wayne State?s School of Business Administration, who interpreted this month?s results. ?Data from the Production Index, New Orders Index and Employment Index all increased in July signaling an expansion in the Southeastern Michigan economy.?
