DETROIT (WWJ) -- The Southeast Michigan Purchasing Managers Index for August hit 60.2, a significant increase over July's PMI of 53.1, reflecting continued strengthening of the economy.
The three-month average, however, was relatively unchanged at 54.2.
Among components of the index, the Commodity Prices Index rose in August to 55.6 from 54.8 in July and prices for brass coil, copper and polypropylene increased, while petroleum is reported down in price.
"The strong PMI score is primarily a result of the improved Production, and New Orders Index values, both of which increased by more than ten points," according to Timothy Butler, associate professor of supply management at Wayne State's School of Business Administration. "Specifically, the Production Index increased in August to 68.5, from 54.8 in July, while the New Orders Index, a key component of the PMI, rose to 64.8 August from 53.2 in July. These values correspond closely to positive news from domestic automakers regarding sales, and to generally positive consumer confidence reports."
The Southeast Michigan PMI is a research partnership between Wayne State University's School of Business Administration and the Institute for Supply Management - Southeast Michigan. The full PMI report for August can be found at http://www.ism-sem.org/uploaded_pics/pdf-20130904174448.pdf.
The Institute for Supply Management - Southeast Michigan serves its members as an affiliate of the Institute for Supply Management by providing superior opportunities for education, networking, and career enhancement as a means of advancing and promoting the leading edge practices and profession of purchasing and supply management. Visit their website at http://www.ism-sem.org.
Wayne State University offers 370 academic programs through 13 schools and colleges to nearly 29,000 students. The School of Business Administration offers AACSB accredited programs at the bachelor, master and doctoral levels. Learn more at www.business.wayne.edu.
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