A slowdown in high-tech industries is impacting California’s manufacturing growth rate, according to the latest survey of purchasing managers conducted by Chapman University and released April 7.
“It was not a surprise about high-tech because many companies are laying off workers, so we expected they would not be growing as fast,” director of the survey Raymond Sfeir—professor, vice provost of operations and finance at Chapman University—told The Epoch Times.
The survey measures expected changes in commodity prices, employment, inventories of purchased materials, production, new orders, and supplier deliveries to create a Composite Index, with a score above 50 representing expansion. Scores statewide revealed a drop from 57.4 to 56.6 from the first to second quarter in 2023….