On Tuesday, Cal State San Bernardino’s Institute of Applied Research and Policy Analysis released its monthly Inland Empire Report on Business for December 2008.
The report indicates continuing decline in the region’s economy. According to Shel Bockman and Barbara Sirotnik, co-directors of the institute, and Lori Aldana, project coordinator for the institute, the region’s purchasing managers index remained below 41.1 percent for the third consecutive month, coming in at 35.8 percent for the month. October’s figure was 35.7 percent, November’s was 39.6 percent.
A number below 50 means the manufacturing sector is contracting.
At the same time, slight improvement was seen in the local employment index, which increased from 27.4 percent in November to 34.5 percent in December. Still, the index is well below the 50 percent baseline figure, indicating that employment continues to decline.
According to the report, the commodity price index decreased slightly from 33.3 percent last month to 32.1 percent this month.
Production and new orders, the most important indices making up the PMI, also continue to drop. The production index dropped to 35.7 percent in December from 44 percent the prior month, and new orders dropped from 44 percent to 34.5 percent. Supplier deliveries remained at 45.2 percent.