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New York Purchasing Managers business activity contracted
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New York City business activity contracted in June after expanding in May, according to the survey taken by the National Association of Purchasing Management-New York (NAPM-NY). The Current Business Conditions index fell to 44.8 in June from 61.3 in May.
Purchasing and supply management executives maintain the view that recovery could begin this year. The Six- Month Outlook index stayed above 50 for the fourth straight month, rising to 58.3 in June from 56.1 in May. Purchasing volume continued to contract, but by the smallest amount in months. The Quantity of Purchases index rose to a ten-month high of 34.6 in June from 32.6 in May.
Cost pressures remained depressed, but are no longer falling at a more rapid pace. The Prices Paid index came in at 30.8 in June from 25.0 in May. The jobs picture stayed soft. The Employment index fell to 28.2 in June from 33.7 in May. Business Impediments: There were fewer skilled labor shortages, while working capital shortages were by far the biggest concern.
Posted: June 30, 2009 Tuesday 10:00 AM