Research >> Economics
New York Purchasing Managers Business Activity dropped to 48.6 in May
|
In May, New York City purchasing managers reversed course and gave up all of the gains reported in April, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions fell from a 12+ year high of 77.3 in April to a 2-year low of 48.6 in May. This is the largest month over month drop reported in May, and it is the first time current conditions have been in contraction since September of 2017 (49.7). The Six-Month Outlook fell from a 7-month high of 77.8 in April to 56.3 in May. 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 from 66.0 in April to a 4-month low of 54.6 in May. Quantity of Purchases decreased from 63.6 in April to a 3-month low of 56.6 in May. In May, top line and forward revenue guidance both decreased. Current Revenues fell from 63.6 in April to 60.5 in May, a 4-month low. Expected Revenues gave back most of the 32.5 point increase (to 95.0) seen in April to 73.7 in May. If not for the extreme high last month, this month's finding would be the highest level since November of 2018 (78.1). Prices Paid increased to a 4-month high of 72.4 in May, up from 63.6 in April.
Posted: June 4, 2019 Tuesday 08:30 AM