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New York Purchasing Managers Business Activity fell
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New York City business activity fell in June from record territory in May , according to the survey taken by the Institute for Supply Management-New York (ISM-NY).
The Current Business Conditions index decreased to 69.3 in June from 89.9 in May. The 20.6-point drop is normal and to be expected because the May level of expansion was not sustainable. The two other times the Current Business Conditions index exceeded the 80 mark, it fell about 20 points on average in the next month.
Future optimism was not as broad based as in prior months. The Six-Month Outlook index declined to an eight-month low of 69.6 in June from 84.2 in May. Purchasing and supply executives scaled back the volume of spending for a second straight month. The Quantity of Purchases index came in at 58.9 in June from 62.0 in May.
Job growth continued to accelerate. The Employment index rose to 64.3 in June from 63.3 in May, the highest level since at least November 2007. Input prices rose for the second time in the last three months, after 18 straight months of contraction. The Prices Paid index rose to 51.8 in June from 44.4 in May.
No major concerns from business impediments. The largest percentage response was "No difficulties," with "Working capital shortage" a distant second.
Posted: June 30, 2010 Wednesday 08:30 AM