Research >> Economics
New York Purchasing Managers Business Activity dropped to 51.1 in August
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New York City business activity expanded at the slowest rate in five months, according to the survey taken by the Institute for Supply Management-New York (ISM-NY).
Current Business Conditions backed off July’s high for the year to 51.1 in August.
Future optimism remained elevated and well above Current Conditions. The Six-Month Outlook came in at 68.5 in August.
Job growth improved to a 12-month high. But more significantly, a stronger pace of job creation was sustained – above the 60 mark – for the third straight month, the first such stretch since the end of the Great Recession. Employment rose to 65.8 in August.
Purchase volume bounced off a seven-month low. Quantity of Purchases increased to 57.5 in August.
The top line and forward guidance diverged. Current Revenues eased to 58.3 in August, but Expected Revenues improved to 81.6 in August.
Cost pressures picked up, while price pressures remained moderate. Prices Paid bounced of a two-year low to 57.1 in August, and Prices Received moderated to 55.6 in August.
Potential Business Opportunities/Impediments: Cost of benefits went back to the top of the impediment scale, followed by taxes and inflation. Technology and domestic demand were top opportunities along with a newcomer, occupancy.
Posted: September 2, 2015 Wednesday 10:00 AM