The Southeast Michigan Purchasing Managers Index dropped to 55.5 in January from 56.3 in December, indicating that Metro Detroit’s economy grew at a slightly slower rate in January than in December.
Values above 50 in the index show a growing economy, while values below 50 show economic contraction.
This latest PMI value reveals a growing economy each of the last 12 months, indicating that the “Great Recession” of the past three years is finally over.
Nitin Paranjpe, an economist and supply chain faculty member at Wayne State University’s School of Business Administration who analyzed the survey data, also said that employment saw marked improvement over the last year.
“Michigan’s unemployment rate was 14.5 percent in December 2009 and dropped to 11.7 percent by December 2010,” said Paranjpe. “This is a statistically significant improvement according to the Bureau of Labor Statistics, likely due to the steady growth in overall economic activity over the past 12 months.”
For more information, including a link to the complete Purchasing Managers Index report, please visit http://media.wayne.edu/2011/02/01/southeast-michigan-purchasing-managers-index-grows-12.