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|August 10, 2020|
Purchasing managers weigh in on the local economy
INLAND EMPIRE – (INT) – Local purchasing managers are a little less optimistic about the economy. For the second month in a row, the PMI Index has slipped falling more in line with the national trend.
The Institute of Applied Research at Cal State San Bernardino warned Tuesday that “if the local PMI remains below 50% for another two months, there will be indications that the local manufacturing sector has changed direction and is now contracting.”
The monthly report also noted that the local Employment Index dropped again from 46.7 to 41.7, showing that employment is down.
On a positive note, Production had a significant increase this month and New Orders increased.
The report concluded that Purchasing Managers’ optimism about the state of the local economy for the coming quarter had only sixteen percent predicting that the local economy will become stronger in the upcoming months and 19% believe the local economy will become weaker over the fourth quarter. Nearly two-thirds (65%) think the economy will stay the same.
Story Date: October 8, 2019