Manufacturing growth signifies economic expansion in Cincinnati
July 6, 2012 by Mark
Last month’s cincinnati Report on Business may indicate a steady rise in economic growth and expansion. The report, which is released each month by the Institute for Supply Management in the Economics Center at the University of Cincinnati, showed that the Purchasing Management Index for the city had increased from 52.4 in May to 58.8. A reading above 50 is an indication of economic growth and expansion.
The report is compiled from data collected from a survey sent to local purchasing agents each month. Previously, the Purchasing Index report had started to show a steady fall after slumping to under 57 in the month of April. It again fell significantly in May but appears to once again be on the rise.
This bounce back in the Purchasing Index could be an indication that Cincinnati’s economy is once again experiencing a steady growth as local businesses increase sales, or make expansions, and new businesses move in to the area. If the Purchasing Index continues to rise, Cincinnati print companies may find themselves with an increase in orders and sales as companies and local established businesses turn to them for a number of printing services. New businesses often require business card printing and stationery printing. As the economy experiences growth, local retailers and other businesses may also use banner printing and poster printing to announce special promotions and events.
Ben Passty, who is a professor at the university’s Economics Center, indicated in the report that the rebound in June signified a change from, in his words:
“Close to stagnation to a value that is fairly healthy.”
He added that the current increase could well signify a steady increase in Cincinnati’s economic expansion.