IE Business Daily Business news for the Inland Empire.
At least for the moment, the Inland Empire’s manufacturing sector is back on the positive side of the ledger.
The region’s purchasing managers index in November was 55.5, down from 61 in September, according to data released by the Institute of Applied Research and Policy Analysis at Cal State San Bernardino.
That’s a slowdown in growth. November was the third consecutive month the index was above 50, which means manufacturing in Riverside and San Bernardino is expanding, not contracting.
“After eight months of roller coaster rides, the Inland Empire has finally returned to growth mode, although this month’s level of growth is slighter less than last month’s,” said Barbara Sirotnik, institute director and a co-author of the monthly report, in a statement.
Sirotnik referred to a pattern that began in March when COVID-19 became an issue. The index would be above or below 50 for two months but then would go in the other direction in the third. That meant growth or no-growth couldn’t be established because it takes three consecutive months in either direction to establish a definite trend.
Also in November, prices, production, inventory, and employment were up, while new orders were down slightly from October. Supply deliveries were down, but that’s considered good because it means suppliers are getting busier.
Only 16 percent of the purchasing managers surveyed said they expect the local economy to improve in the next three months, while 56 percent said they expect it to stay the same. Twenty-eight percent said they expect it to weaken, the report stated.
