Purchasing Management Index Rises

THE JOURNAL RECORD, June 2, 1993 | Go to article overview

Purchasing Management Index Rises


NEW YORK (AP) _ In another sign of lackluster economic growth, the manufacturing sector rebounded only modestly in May after a sharp one-month decline, according to a key industrial survey.

The National Association of Purchasing Management said the manufacturing economy as measured by corporate supply purchasers grew for the seventh time in the last eight months, but at a slow rate.

New orders by companies increased slightly in May, a sign of hesitancy about the economy. While inflation appeared under control, manufacturing employment dropped to its lowest level since January 1992.

"You can wonder whether (the economy) is even growing moderately," said Robert Brusca, chief economist at Nikko Securities Co. International. "With the problem with job creation, you have to hang questions out there about the future."

The purchasing managers' report, a survey of more than 300 executives nationwide, generally is the first, but limited, look at the previous month's economic performance and as such is analyzed closely by economists.

For May, the group's purchasing managers' index rating the manufacturing economy rose to 51.1 percent in May from 49.7 percent the previous month. The index was 53.4 percent in March.

A rating below 50 percent generally indicates the manufacturing economy is contracting. On the overall economy, a rating above 44.5 percent over a period of time generally indicates expansion.

The group said the index has averaged 53.6 percent in the first five months of 1993, better than the 52.7 percent reading for all of 1992.

The survey polls people responsible for buying supplies at a wide range of manufacturing businesses. It is regarded as a good forecast of future economic activity because the purchasers buy the raw materials that fuel the nation's factories. …

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