Research >> Economics
New York Purchasing Managers business activity declined
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New York City business activity declined for a 15th straight month, according to the survey taken by the National Association of Purchasing Management-New York (NAPM-NY). The Current Business Conditions index fell to 28.3 in April, the lowest since 9/11, from March's revised level of 43.9.
Purchasing volume and employment continued to contract. The Quantity of Purchases index fell to 27.6 in April from a revised 30.6 in March, while the Employment index rose to 30.0 in April from a revised 23.6 last month. To be sure, the level for the Employment index was an eight-month high.
Cost pressures hit a record low since the inception of the Report on Business in 1993. The Prices Paid index fell to 24.5 in April from a revised 30.6 in March.
The news on the outlook was mixed. The Six-Month Outlook index came in at 51.2 in April, down from a revised 63.8 in March. However, these were the first back-to-back months above the breakeven 50 mark, indicating more optimism than pessimism, in about a year.
Business Impediments: Working capital shortages remained the biggest concern. But skilled labor shortages have picked up so far this year after a zero reading in December, a tentative sign that the worst of the payroll job declines may be behind us.
Posted: April 30, 2009 Thursday 10:00 AM