IE Business Daily Business news for the Inland Empire.
The Inland Empire’s manufacturing sector took a major hit in November.
The region’s purchasing managers index plummeted to 41.2, the second consecutive month that number has been below 50, according to the Institute of Applied Research and Policy Analysis at Cal State San Bernardino.
Should December’s index be below 50, the Inland Empire’s manufacturing sector will officially be shrinking rather than growing.
Production and new orders, two of the index’s major components, both took dramatic falls last month: production went from 52.1 in October to 36, while new orders from 47.9 to 36.
Employment registered 46, down from 56.3 month-over-month, with several companies commenting that they were having a difficult time keeping employees.
Inventory levels dropped slightly between October and November.
Only 4.2 percent of the purchasing managers interviewed said they expect the local economy to improve during the next three months, while 41.7 percent said they expect it to remain the same during that time and 54.2 percent said it will get weaker.
