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DETROIT PURCHASING MANAGERS REPORT MINOR SLIP

 DETROIT PURCHASING MANAGERS REPORT MINOR SLIP
 DETROIT, June 1 /PRNewswire/ -- The following was released today by


Manufacturers National Corporation:
 Summary:
 The May 1992 survey of the National Association of Purchasing Management--Metro Detroit (NAPM--MD) registered a composite index of business conditions level of 56.2, a 1.6-point loss from 57.8 in April. A year earlier, the May 1991 index stood at 47.9. Despite May's minor setback, the local Purchasing Managers' Economic Index has been above 50 for the past four months, characteristic of an expanding economy.
 Comment:
 "While business conditions appear to have marginally slipped last month, May's results remain positive for metro Detroit," according to David Littmann and David Sowerby, economists at Manufacturers National Corporation. "Both the auto and non-auto composite indexes are above 55.0 which is characteristic of a growing economy," they said. In fact, the composite index is 17 percent higher than year-ago levels, testimony to an expanding, albeit moderate recovery for southeastern Michigan's industrial economy.
 The economists added that the best source of strength has come from stronger production and new order estimates, both in the auto and non- auto sectors. Unfortunately, employment conditions remain sluggish, particularly in the non-automotive sector. Typically, employment lags the business cycle by three to six months and job growth has been very slow to respond in the current economic recovery. Despite improvements for the Purchasing Managers' Index, Littmann noted that several respondents voiced skepticism with the strength of economic recovery. He noted their failure to see an improving economy, particularly for the automotive sector and faster sales growth.
 Items in Short Supply:
 Items in short supply during April included computer equipment, such as computer diskettes and boards.
 AUTO NON-AUTO TOTAL
 APR MAY APR MAY APR MAY
 NAPM--MD Index 61.5 58.9 56.5 55.0 57.8 56.2
 Production 76.7 73.1 65.0 63.3 68.2 66.3
 New Orders 83.3 65.0 71.3 66.1 74.5 65.9
 Inventories 60.0 53.8 53.7 46.8 55.4 48.9
 Employment 53.3 53.8 57.3 43.5 56.3 46.6
 Vendor Performance 36.7 42.3 41.5 48.4 40.2 46.6
 Prices 53.3 53.8 52.4 56.5 52.7 55.7
 Weighting 26.8 29.5 73.2 70.5 100.0 100.0
 Manufacturers National Corporation compiles the NAPM--MD survey report from monthly responses of local purchasing managers belonging to the 500-member NAPM--MD. 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 CI below 50 generally means conditions are deteriorating; CI levels above 50 denote expansion. The CI and its components have been tabulated since October 1985.
 -0- 6/1/92 R
 /CONTACT: David L. Littmann, first vice president and senior economist, 313-222-7241, or David G. Sowerby, vice president and economist, 313-222-4829, both of Manufacturers National Corporation/
 (MNTL) CO: Manufacturers National Corporation ST: Michigan IN: FIN SU: ECO


JG-KK -- DE020 -- 5841 06/01/92 15:37 EDT
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Date:Jun 1, 1992
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