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New York Purchasing Managers Business Activity dropped to 67.8 in November
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In November, New York City purchasing managers indicated lower conditions in all indices but two, the Six-Month Outlook and Prices Paid, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions reached a five-month low, coming in at 67.8 in November. Current Business Conditions have fallen between 2 and 4 points per month for the last three months. The Six-Month Outlook stands alone as the single piece of optimistic news in November, rising to 73.4 from 70.9 in October and recovering some of the 10.6 point drop reported last month. 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 from October's all-time high to 72.7 in November. Despite this month's change in direction, Employment is still at the third highest level on record, behind October (82.1) and September (73.8) of 2018.
Quantity of Purchases fell 11.2 points to 59.4 in November, continuing the decrease that started last month. October brought an 8.8 point decrease following September's finding of 79.4, the fourth highest level on record. Historically, significant highs in this index have been followed by a drop of between 17.5-30 points in the month following the high.
In November, top line and forward revenue guidance both fell. Current Revenues decreased for the third month in a row, coming in at 65.6 in November, down from 72.2 in October. Expected Revenues fell back to the same level they were at in September, 78.1, down from October's one-month increase to 80.6. Prices Paid rose to 71.9 in November, up from 67.6 in October.
Posted: December 4, 2018 Tuesday 08:30 AM