IE Business Daily Business news for the Inland Empire.
The Inland Empire’s manufacturing sector has grown for 21 consecutive months, according to data released last week.
The region’s purchasing managers index in May was 54.4, the Institute of Applied Research and Policy Analysis at Cal State San Bernardino reported in its monthly analysis of the local manufacturing sector.
That number was essentially unchanged from April and comfortably above 50, the number that divides growth [50 or better] and regression [below 50].
Production continued to grow, but at a slower pace than it did in April. New orders increased, reversing a one-month decline in that category, and employment continued to grow but also at a slower rate than previous months.
On the down side, high inflation and supply chain problems continue to affect businesses and residents in Riverside and San Bernardino counties, and gas prices are higher than they’ve ever been.
The commodity price index was 86 in May, a high number but a slight month-over-month drop. High gas prices and inflation are among the top concerns of purchasing managers in the Inland region, the report noted.
Only four percent of the purchasing managers surveyed said they expect the local economy to improve in the next three months, while 63 percent expect it to get worse and 33 percent say it probably will remain the same, according to the report.
