Missouri’s Purchasing Managers’ Index (PMI) for March was 66.6, a decrease of 0.2 points according to the monthly Mid-America 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.
The March PMI® for manufacturing registered 57.2 a decrease of 0.5 points from the February reading of 57.7 percent. New Orders (64.5) decreased by 0.6 points while Production (57.6) also showed a decrease of 5.3 points. Supplier Deliveries (55.9) increased by 1.1 points while Inventories (49.0) decreased 2.5 points from February. Employment (58.9) increased by 4.7 points from the prior month. According to the PMI® report, All 17 manufacturing industries grew in March: Textile Mills; Apparel, Leather & Allied Products; Electrical Equipment, Appliances & Components; Furniture & Related Products; Miscellaneous Manufacturing; Machinery; Printing & Related Support Activities; Nonmetallic Mineral Products; Fabricated Metal Products; Primary Metals; Transportation Equipment; Chemical Products; Petroleum & Coal Products; Plastics & Rubber Products; Paper Products; Food, Beverage & Tobacco Products; and Computer & Electronic Products.
The non-manufacturing survey index for March was 55.2, which decreased over the month by 2.4 points but still in expansion territory. Business activity (58.9) decreased by 4.7 points while New Orders (58.9) decreased by 2.3 points. Inventory (48.5) also decreased by 3.5 points in March. Supplier Deliveries (51.5) increased by 1.0 points while Employment (51.6) decreased 3.6 points. The 13 non-manufacturing industries reporting growth in March are: Utilities; Retail Trade; Management of Companies & Support Services; Real Estate, Rental & Leasing; Transportation & Warehousing; Wholesale Trade; Finance & Insurance; Health Care & Social Assistance; Agriculture, Forestry, Fishing & Hunting; Mining; Other Services; Construction; and Accommodation & Food Services.
Missouri’s March PMI decreased 0.2 points over the month to 66.6—this is well above the 50.0 percent expansion threshold. Other states in the survey were Arkansas (63.2), Iowa (60.5), Kansas (52.2), Minnesota (61.8), Nebraska (59.8), North Dakota (54.3), Oklahoma (58.2) and South Dakota (67.2). Overall, the March Mid America Regional Index decreased to 60.1 from the previous month’s score of 60.5 percent.
Note: The national purchasing manager's indices are produced by the Institute for Supply Management, formerly the Purchasing Management Association.