Georgia manufacturing decline continued in October
October marked the second month in a row of decline in the Peach State’s manufacturing…
Georgia (Nov 3, 2011) —
Link To Articlehttp://www.bizjournals.com/atlanta/news/2011/11/02/georgia-manufacturing-decline.html
October marked the second month in a row of decline in the Peach State’s manufacturing sector, according to the Econometric Center at Kennesaw State University’s Coles College of Business.
Georgia’s Purchasing Managers Index (PMI) -- a reading of economic activity in the state’s manufacturing sector -- for October was 43.2, down 5.5 points from September.
A PMI reading above 50 shows manufacturing activity is expanding, while a reading below 50 shows it is contracting.
The PMI has continued to decline since June, only going up in August.
“What was once believed to be a soft spot appears to be more pervasive,” said Don Sabbarese, professor of economics and director of the Econometric Center at the Coles College of Business. “The decline in inventories signals that inventories are being adjusted to match the substantial reduction in new orders and production. Georgia’s relatively slower economic recovery may be responsible for these weaker manufacturing numbers.”
Other highlights of the October PMI:
- New orders increased 3.4 points to 48.4
- Production was down 3.1 points to 43.5
- Employment dropped 3.2 points to 46.8
- Supplier delivery time dipped 4.9 points to 48.4
A leader in innovative teaching and learning, Kennesaw State University offers undergraduate, graduate and doctoral degrees to its more than 41,000 students. With 11 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the second-largest university in the state. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the region and from 126 countries across the globe. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status. For more information, visit kennesaw.edu.