New orders and higher production fueled a significant increase in the Georgia manufacturing index in February, 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 February was 62.5, up 8.7 points from January. This is the highest state PMI level since March 2010.
A PMI reading above 50 shows manufacturing activity is expanding, while a reading below 50 shows it is contracting.
KSU said the latest reading shows the state’s manufacturing sector had an increased number of respondents who saw and felt growth. Fifty percent of respondents reported higher new orders and 42 percent reported higher levels of production.
The Georgia February PMI is now 1.1 point higher than its national counterpart.
Highlights of the February PMI:
- New orders rose 13 points to 68.8
- Production increased 14.7 points to 66.7
- Hiring went up by 1.1 point to 64.6, with 33 percent of respondents reporting increased employment
- Commodity prices edged up another 2.7 points to 85.4
- Finished inventory increased 9.8 points to 52.1
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