Inland Empire’s PMI Index

By: Sharjeel Sohaib

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Mar 6, 2023

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The Inland Empire Purchasing Managers’ Index (PMI) for February registered 50.8, indicating a slight increase from the previous month’s 50.4. However, it will take one more month of 50+ figures to declare the manufacturing sector has returned to growth mode, as three consecutive months are required.

Production Index and New Orders Index

The Production Index increased to 50.0 from the previous month’s 48.0, while the New Orders Index remained unchanged at 48.0, continuing a trend of declining new orders for the fifth consecutive month. The Employment Index increased to 58.0 from 56.0, indicating a rise in permanent hires.

Employment and Commodity Prices

The Commodity Price Index for the Inland Empire rose to 70.0 from 60.0, showing inflationary pressures, despite the Federal Reserve’s attempts to reduce inflation. The Supplier Deliveries Index remained at 50.0, signifying no change in the speed of deliveries since the last month.

The overall Inventory level dropped to 48.0 from 50.0, indicating a decrease in the inventory level of finished goods, with only 8.0% of panelists reporting an increase. Pessimism among panelists about the Inland Empire’s economy has not changed much over the past few months, with only 9% believing the economy will become stronger in the coming quarter, while 39% think it will become weaker, and 52% expect the next quarter’s economy to continue at the same struggling level as before.

Wrapup

Nevertheless, the positive comments from panelists outweighed the negative ones, indicating that February continued to be strong, with increased orders and new bid activities, and business remains steady. However, cautionary comments were made regarding the customers’ reluctance to stock inventory, material prices, and weather impact.

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