Last night there was some interesting news released by Markit Economics and The Chartered Institute of Purchasing and Supply. The latest purchasing managers index (PMI) has risen again in July to 60.2 from 56.9 in June. In fact, the PMI index has risen past levels last seen in 2006.
So what does this mean, do I hear you ask?
It’s quite simple really. Companies are now buying more, more often. Which means our industry should be doing well as companies turn off marketing in bad times, and turn it back on first in good times.
With Icebreaker being a new business agency, we have noticed this over the last couple of months and it seemed like July was a bumper month for all types of agencies winning all types of work. Who ever claimed that the summer is a bad time for new business activity? If you did, then you’ll now be admitting you are wrong.
It doesn’t mean that our industry is out of the water, or that the recession is a thing of the past – we’ll leave that sort of calculating to the economists out there, but at least there are some healthy green shoots.
Information taken from this press release.