Inland Empire manufacturing continued to grow in July, but at slower rate than it grew during the previous month, according to data released today.
The region’s purchasing managers index last month was 53, down from 56.2 in June but well above the 50 benchmark that determines growth or retraction in manufacturing, the Institute for Applied Research & Policy Analysis at Cal State Bernardino reported.
New orders also grew at a slower pace than they did in June, but production – a key component of the index – grew at a steady rate for the third consecutive month.
On the downside, manufacturing employment dropped in July, the first decline in that category since January. Commodity prices fell slightly, from 75 in June to 72.2 last month.
Only eight percent of the purchasing managers surveyed said they expect the Inland economy to improve during the next three months, while 34 percent expect it to stay the same and 58 percent believe it will weaken during that time, the index stated.