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PURCHASING MANAGERS REPORT SECOND MONTHLY IMPROVEMENT

    DETROIT, Oct. 1 /PRNewswire/ -- The following are results from the National Association of Purchasing Management -- Metro Detroit survey:
    Summary
    A survey of the National Association of Purchasing Management -- Metro Detroit (NAPM-MD) in September reported the second consecutive monthly gain in the Composite Index of business conditions for Southeastern Michigan's industrial economy.  Compiled by Comerica Bank, the index registered 57.5, a 3.8-point improvement over August.  A year ago September, the composite index stood at 51.7.
    Comment
    "September's survey is encouraging primarily because it reflects better overall new order and production activity," said David L. Littmann, first vice president and senior economist with Comerica Bank in Detroit.  "There was anxiety at the outset of the third quarter that forward momentum had been lost, particularly in the auto industry, and that the U.S. economy might stumble.  Gains in August and September have helped overcome that pessimism," said Littmann.
    Littmann noted, however, that many NAPM-MD survey respondents continued to comment on cautious hiring policies and uncertainty with regard to domestic fiscal policies and foreign recessions.
    Items cited in short supply during September included gray and ductile iron castings, many categories of steel (possibly due to the federal ruling on steel dumping), electronic memory chips, micro computer components, PVC plastics, heat-resistant stainless steel castings, heptane, hexane, and other chemicals.
                          AUTO        NON-AUTO      TOTAL
                       Sept. Aug.    Sept. Aug.   Sept. Aug.
    NAPM-MD Index      66.3  50.1    54.3  55.0   57.5 53.7
     Production        81.8  42.3    69.4  61.4   72.6 56.3
     New Orders        72.7  57.7    54.7  56.8   59.3 57.0
     Inventories       77.3  50.0    59.4  56.8   64.0 55.0
     Employment        68.5  57.7    45.3  54.1   51.2 55.0
     Vendor
     Performance       30.0  45.8    46.9  48.6   42.9 48.0
     Prices            70.0  69.2    53.1  63.9   57.1 65.3
     Weighting         25.6  26.0    74.4  74.0   100.0 100.0
    Comerica Bank compiles the NAPM-MD survey report from monthly responses of local purchasing managers belonging to the 500-member NAPM-MD (National Association of Purchasing Management-Metro Detroit).  The report indicates whether fundamental measures of the economy are stronger, weaker, or unchanged from the prior month.
    The Composite Index is a seasonally adjusted weighted average measure of new orders and production activity along with employment, inventories and the promptness of supplier company deliveries.  The index ranges from 0 to 100.  A reading below 50 generally means conditions are deteriorating; levels above 50 denote expansion.  The Composite Index and its components have been tabulated since October 1985.
    -0-                        10/1/93
    /CONTACT:  David L. Littmann, first vice president and senior economist of Comerica Bank, 313-222-7241/
    (CMA)


CO: Comerica Comerica Incorporated NYSE: CMA is a financial services company headquartered in Dallas, Texas.

The bank was founded in Detroit in 1849 as the Detroit Savings Fund Institute, by Elon Farnsworth.
 Bank ST: Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E).  IN: FIN fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface.  SU: ECO E·co   , Umberto Born 1932.

Italian writer best known for his novels, including The Name of the Rose (1981). He has also written extensively on semiotics and British and American popular culture.
 

KE -- DE028 -- 7955 10/01/93 16:45 EDT EDT
abbr.
Eastern Daylight Time


EDT Eastern Daylight Time

EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York

EDT 
 
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Publication:PR Newswire
Date:Oct 1, 1993
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