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.
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.
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