Research >> Economics
New York Purchasing Managers Business Activity rose to 60.7 in July
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New York City business activity returned to cautious optimism after the short term pre-Brexit negativity seen in May and June, according to the survey taken by the Institute for Supply Management-New York. While nearly all of the June responses came in before the Brexit vote, July results revealed no initial ill effects from the UK’s decision to leave the EU.
New York Metro
Current Business Conditions rose to a 7 month high of 60.7 in July after contracting for two consecutive months for the first time since the Great Recession. Despite the improvement in current business conditions, the Six-Month Outlook eased to 56.8 in July after rising to a three-month high of 59.5 in June. The six month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Caution continued regarding labor and purchase volumes. Employment came in at 45.3 in July, contracting for the tenth time in the last 11 months. Quantity of Purchases came in at 48.3 in July, contracting for the fourth month running.
News for the top line and forward guidance remained positive. Current Revenues were 55.6 for the second month in a row. Expected Revenues increased to 62.1 in July. Cost pressures eased for the fourth time in five months. Prices Paid decreased to 48.3 in July.
Posted: August 2, 2016 Tuesday 08:30 AM