Research >> Economics
New York Purchasing Managers business activity contracted again
|
New York City business activity contracted for a second time in July after May's bounce, according to the survey taken by the National Association of Purchasing Management-New York (NAPM-NY). The Current Business Conditions index came in at 48.3 in July from 44.8 in June.
Purchasing and supply management executives' confidence in recovery persisted and improved. The Six-Month Outlook index stayed above 50 for the fifth straight month, rising to 59.3 in July from 58.3 in June.
The pace of job cuts has abated. The Employment index rose to a 13-month high of 37.5 in July from 28.2 in June. Purchasing volume contracted for the nineteenth consecutive month, but stayed off the lows. The Quantity of Purchases index came in at 31.8 in July, compared to 34.6 in June.
Cost pressures remained subdued. The Prices Paid index fell to 25.0 in July from 30.8 in June.
Business Impediments: Working capital shortages matched the highest level since the question was first asked in the November 2007 Report on Business.
Posted: July 31, 2009 Friday 10:00 AM