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New York Purchasing Managers Business Activity dipped to 69.8 in October
In October, New York City purchasing managers reported yet another new high level of Employment while indicating lower Current Business Conditions and a lower Six-Month Outlook, according to the survey taken by the Institute for Supply Management-New York.
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Current Business Conditions were at 69.8 in October versus 72.5 in September, down for the second consecutive month. The Six-Month Outlook fell to 70.9 in October from 81.5 in September, the largest month-over-month drop since January-February 2018 (11.4). The six-month outlook has been a reliable short-run guide for current business conditions over time.
Employment, a seasonally adjusted index, rose to the highest point since it was added to the Report on Business in November 2007 for the second month in a row. In October, Employment was at 82.1, increasing by 8.3 and reaching the 80s for the first time. In September, Employment was 73.8, the first time this index reached the 70s. Quantity of Purchases fell to 70.6 in October from 79.4 in September. This drop (8.8) was smaller in scale than the reductions seen following other significant highs in this index, (falling 17.5 points in October 2006 and 30.0 points in March and August 2005).
In October, top line and forward revenue guidance moved in opposite directions. Current Revenues fell for the second month in a row, coming in at 72.2 in October, down from 78.1 in September. Expected Revenues rose to 80.6 in October, up from 78.1 in September. Prices Paid fell to 67.6 in October, down from 75.0 in September.
Posted: November 2, 2018 Friday 08:30 AM