Research >> Economics
New York Purchasing Managers Business Activity fell to 63.4 in January
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In January, New York City purchasing managers indicated short term decreases in the face of longer term optimism, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions fell for the 5th consecutive month, coming in at 63.4 in January, down from 65.4 in December. The Six-Month Outlook increased slightly after the 16.3 point drop reported in last month. Outlook increased to 58.3 in January, up from 57.1 in December. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, fell for the 3rd month in a row, reaching an 8-month low of 53.1 in January, down from 64.5 in December. This month, 68% of the survey respondents were in services industries. Quantity of Purchases fell for the fourth month in a row. In January, they were reported at 44.7, a 27-month low, down from 54.2 in December. Quantity was the only index in this month's report below the breakeven point of 50.0. The last index reported at a contracting pace of activity was Current Revenues at 43.8 in May of 2018. In December, top line and forward revenue guidance moved in opposite directions. Current Revenues decreased after an uptick to a 3-month high in December, falling from 75.0 to 60.0 in January. Expected Revenues increased to 71.4 in January from 62.5 in December. Prices Paid increased to 72.5 in January, up from 63.6 in December.
Posted: February 4, 2019 Monday 08:30 AM