The Institute for Supply Management is saying the Houston PMI for February came to 59.6. The index points to likely shifts in production volume three to four months in advance. Readings over 50 indicate near term production gains.
Mike Valant works for the institute in Houston.
“The best part about it is the employment side of it. We had 23% of our people showing employment up, while 70% had it as the same as last month. That’s 93% in the same or up, up from 88% the last several months.”
The report points to inflation as the biggest head wind for Houston businesses.
“Prices are very strongly going up. Forty-five percent of prices went up this month, while 48% stayed the same from last month.”
Commodities leading the price increases include oil related products, steel, and electronic components.