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STRONGEST MONTH OF THE YEAR REPORTED BY DETROIT PURCHASING MANAGERS

 DETROIT, Jan. 7 /PRNewswire/ -- Summary: The December survey of the National Association of Purchasing Management-Metro Detroit (NAPM-MD) compiled by Comerica Bank reported a composite index of business conditions of 66.3, a 6.3-point gain from November's level of 60.0. For 1993, this overall measure of southeast Michigan's industrial economy was up 7.0 percent from 1992 (58.3 vs. 54.5).
 Comment
 "December's survey results conform perfectly with the strength noted regionally nearly all year long," said David L. Littmann, first vice president and senior economist with Comerica Bank in Detroit. "The calendar-year advance in business conditions registered by purchasing managers is ratified by the 8- to 9-percent gain in the more broadly based Michigan Business Activity Index, issued monthly by Comerica Bank's Economics Department."
 New orders and inventories were the significant sources of strength in December, both for autos and non-autos, and employment was steady. For the third consecutive month, prices exceeded the 60.0 threshold, an indication of economic strength and possible future inflation or bottlenecks. Respondents were uniformly optimistic in their comments regarding the business expansion and 1994 outlook.
 Items in short supply during December included ductile iron, gray iron castings, hydraulic/pneumatic co-axial components, some glycols and coated steel products, muriatic acid, linings and stampings, and PVC stranded bristles.
 Additional Note
 Also noted were some longer order leadtimes and continued economic softness in Europe.
 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.
 -0- 1/7/94
 /CONTACT: David L. Littmann, first vice president and senior economist of Comerica Bank, 313-222-7241/
 (CMA)


CO: Comerica Bank ST: Michigan IN: FIN SU: ECO

SB -- DE026 -- 0237 01/07/94 15:36 EST
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Publication:PR Newswire
Date:Jan 7, 1994
Words:310
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