Research >> Economics
New York Purchasing Managers Business Activity fell to 42.8 in September
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In September, New York City purchasing managers expressed milestone pessimism about the long term indicators, the Six-Month Outlook and Expected Revenues, according to the survey taken by the Institute for Supply Management New York.
New York Metro
Current Business Conditions fell to a 40-month low of 42.8 in September (referencing 37.2 in May 2016), down from August's 4-month high of 50.3. The Six-Month Outlook dropped 26.2 points to reach 45.2 in September, from 71.4 in August. This marks the lowest outlook level in 10.5 years, referencing 33.0 in February of 2009. 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 to a 19-month low of 52.5 in September, down from August's 9-month high of 69.0. Also notable is the fact that this is the only index other than Prices Paid over the breakeven point this month. Quantity of Purchases fell to a 3-month low of 38.6 in September, down from 50.0 in August. In September, top line and forward revenue guidance fell considerably. Both reached the lowest level reported since they were added to the report in February 2012. Current Revenues fell from the breakeven point of 50.0 in August to 38.1 in September. Current Revenues has never been in the 30s before. Expected Revenues, the largest mover this month, fell 37.1 points from 82.3 in August to 45.2 in September. The largest drop month over month before September was 21.4, reported in December 2014. Expected revenues has been at the breakeven point a handful of times in the past, but has never been below it before. Prices Paid increased from 66.1 in August to reach a 4-month high of 71.4 in September.
Posted: October 2, 2019 Wednesday 08:30 AM