A business index produced for the packaging machinery industry contains some good news for those anxiously watching the economy (that is, practically everybody). In its first report of the year, the Packaging Machinery Manufacturers Institute's Business Conditions Index (BCI) shows two measures growing and two falling, but all four measures staying above 50. That's important because an index reading above the watershed mark of 50 indicates an expansion.

The Packaging Machinery Manufacturers Institute (PMMI) says the general business conditions index rose 2.9 points to 60.5; quotations rose 5.2 points to 60.0; shipments dropped 16.6 points from a record high of 69.9 to 53.3 points; and new orders dropped 1.5 points to 61.7 points. PMMI's take: With three points in the 60s and shipments recording a score in the 50s, all four measures continue to point to strength in the packaging machinery sector. "Though we saw a dip in the indices over the holidays, January's figures continue to support the notion that companies are using this period to both quote and purchase capital equipment," says Charles D.Yuska, president of PMMI.

The January BCI tabulates the input of approximately 100 of PMMI's 500 member companies. The BCI is based on PMMI's "How's Business?" survey, a weekly poll of members.