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|May 16, 2021|
PMI: IE’s economy is back on solid ground
INLAND EMPIRE – (INT) – What a difference a year makes!
If local purchasing managers are a good indicator, the Inland Empire’s economy is back on solid ground and the outlook is rosy.
The monthly Purchasing Manager’s Index issued Monday by the Institute of Applied Research at Cal State San Bernardino painted a positive outlook for the coming Third Quarter.
“People have received their stimulus checks from the federal government and the state of California, and many who had been furloughed are getting back to work. That means that people now have the money to purchase the products made by our manufacturing firms,” the report stated and spending is on the rise.
The only fly in the ointment is signs of inflation. “Inflation metrics have sharply increased, and prices are up due to rising costs of production and distribution. Yet the California Consumer Sentiment Index shows that optimism is high,” according to Dr. Barbara Sirotnik (Director, Institute of Applied Research) and Lori Aldana (Project Coordinator, Institute of Applied Research).
Story Date: May 3, 2021