Research >> Economics
New York Purchasing Managers Business Activity rose to 66.9 in March
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In March, New York City purchasing managers changed direction on every index except one -Expected Revenues, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions rose from 61.1 in February to reach a 4-month high of 66.9 in March. This brings to an end 6 consecutive months of decreases. The Six-Month Outlook fell from 71.5 in February to a nearly 10-year low of 53.0 in March (referencing the finding of 50.7 in May of 2009). This month's 18.5 point decrease gives back the 13.2 point increase reported from January to February and then some. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, adjusted downward from 60.7 in February to 59.5 in March. Quantity of Purchases decreased to 61.1 in March after the significant increase seen from 44.7 in January to 65.4 in February. In February, top line and forward revenue guidance both moved downwards. Current Revenues decreased from a 5-month high of 76.9 in February to 62.5 in March. Expected Revenues fell from 65.4 in February to 62.5 in March, decreasing for the second month in a row. As noted, this is the only index to move in the same direction in February as March, allowing for the only multi-month trend. Prices Paid increased from 60.7 in February to 66.7 in March.
Posted: April 2, 2019 Tuesday 08:30 AM