Will Charlotte’s Manufacturing Growth Weaken?

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Weakening PMI Manufacturing Index

As a reminder, manufacturing remains one of the key components to North Carolina GDP so I think it is important to point out the trends. Markit reported June’s Manufacturing Purchasing Manager’s Index (PMI) was reported at 52 vs May’s 52.7.

declining-manufacturing-in-charlotte-nc

Although being very close to Bloomberg expectations of 52.1 the trend has been down for most of 2017.  The index was steadily rising since June 2016 and peaked in early 2017 post the Presidential election. A reading above 50 still points to expansion, but the rate as I just mentioned is slowing.

For those in manufacturing in Charlotte or North Carolina should be aware of this trend. For more specific insight on the economy, please contact me.

This article is provided for informational purposes only and should not be applied or relied upon in any particular situation without the advice of your tax, legal and/or financial services professional. The concepts discussed may not be suitable for every situation. The content is derived from sources believed to be accurate. Past performance does not indicate future results. Investing involves risk including the potential for loss of principal. The opinions stated here are those of Leonard Brecken, and not necessarily those of Waddell & Reed. Waddell & Reed is not affiliated with any other entities referenced. Securities and investment advisory services offered through Waddell & Reed, Inc., a Broker/Dealer, Member FINRA/SIPC and a Federally Registered Investment Advisor..  (07/17)

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