Missouri’s Purchasing Managers’ Index (PMI) for March was 49.9, a decrease of 2.4 points according to the monthly Mid-American Business Conditions Survey, conducted by Creighton University, Omaha, NE. Economists consider the index, which measures such factors as new orders, production, supplier delivery times, backlogs, inventories, prices, employment, import orders and exports, a key economic indicator. Typically, a score greater than 50 indicates an expansionary economy, while a score below 50 forecasts a sluggish economy for the next three to six months.
The March PMI® for manufacturing registered 51.8, an increase of 2.3 points from the February reading of 49.5 percent. New Orders (58.3) increased by 6.8 points while Production (55.3) saw an increase of 2.5 points. Supplier Deliveries (50.2) increased modestly by 0.5 points while Inventories (47.0) grew 2.0 points from February. Employment (48.1) retracted by -0.4 points from the prior month. According to the PMI report, 12 out of 18 manufacturing industries grew in March led by the manufacturing sectors of Printing & Related Support Activities, Furniture & Related Products, and Nonmetallic Mineral Products.
The non-manufacturing survey index for March was 54.5, up 1.1 points over the month and still in expansion territory. Business activity (59.8) gained 2.0 points while New Exports (58.5) grew by 5.0 points. Inventory (52.5) held steady from February. Supplier Deliveries (51.5) gaining 1.0 point while Employment (50.3) increased by 0.6 points.
Missouri’s March PMI decreased by 2.3 points over the month to 49.9. Other states in the survey were Arkansas (51.0), Iowa (51.3), Kansas (49.5), Minnesota (50.7), Nebraska (53.3), North Dakota (47.8), Oklahoma (49.7) and South Dakota (51.1). Overall, March’s Mid American Regional Index increased to 50.6 from the previous month’s score of 50.5.
Note: The national purchasing manager's indices are produced by the Institute for Supply Management, formerly the Purchasing Management Association.