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|June 17, 2021|
PMI: Inflation worries not yet impacting rebounding economy
INLAND EMPIRE – (INT) – The region’s economy is clearly in growth mode in sharp contrast when the pandemic struck a year ago. Yet, many agree the region is far from being ‘fully recovered’.
The monthly summary from the Institute of Applied Research at Cal State San Bernardino issued Tuesday found that the Inland Empire’s manufacturing sector and the overall economy are growing, and the numbers for the production and new orders indices are impressive.
In the downside, commodity prices are near an all-time high, transportation costs are surging, and companies are dealing with shortages and long lead times for lumber, electrical components (especially semiconductors), metals, and other commodities. Worker shortages continue to be an issue for manufacturers and their suppliers.
Still, purchasing managers continue to be optimistic about the state of the economy for the coming Third Quarter. This month 42% forecasted a strengthening local economy over the next 3 months, and another 35% predicted that the economy would remain unchanged.
Story Date: June 11, 2021