California manufacturing to continue growth in third quarter: survey
California manufacturing is expected to sustain its growth heading in the third quarter, according to a Chapman University survey released Wednesday.
The composite index by Chapman’s A. Gary Anderson Center for Economic Research, which measures overall manufacturing activity, nudged up slightly to 61.1 in the third quarter from 60.3.
Readings of about 50 indicate expansion in the sector.
Manufacturing purchasing managers surveyed expect growth to be higher in the high-tech and non-durable goods sectors, while durable goods other than high-tech are expected to have a lower than expected growth rate.
Those surveyed also said they expected commodity prices to slow in the third quarter compared to the previous quarter.
The survey, however, reported a lower seasonally adjusted index for production in the third quarter, down to 68.1 from 68.9 the previous quarter, indicating a slower rate of production.
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