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New York Purchasing Managers Business activity eased
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New York City business activity eased, but still maintained a rapid pace in March, according to the survey taken by the Institute for Supply Management- New York (ISM-NY). The Current Business Conditions index came in at 60.6 in March from a revised 78.1 in February. Readings above 70 usually are not sustained for long.
Future optimism eclipsed the 80 mark for a record fourth straight month. The Six-Month Outlook index rose to 88.2 in March from a revised 80.1 in February. Purchasing and supply executives continue to buy more. The Quantity of Purchases index expanded in four of the last five months (61.3 in March from a revised 61.7 in February).
Firms are adding to headcount. The Employment index expanded for the fifth consecutive month (55.1 in March from a revised 53.3 in February). The recent improvement in the ISM-NY Employment index began in November, coinciding with the 10.5% November/December peak in the New York City unemployment rate. Since then, the NYC unemployment rate has fallen to 10.2% in February.
Weather again was cited more frequently as a business impediment in March, even more so than working capital shortages, which declined for a seventh month in a row.
Posted: March 31, 2010 Wednesday 10:00 AM