Research >> Economics
New York Purchasing Managers Business Activity Contracted
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New York City business activity contracted at the fastest rate since the Great Recession, according to the survey taken by the Institute for Supply Management-New York (ISM-NY). The Current Business Conditions index fell to 44.0 in October, the lowest level since April 2009, from 50 .6 in September. It also was the second contraction in the last three months.
Future optimism remained in po sitive territory, but less so than last month, suggesting that purchasing and supply executives think the slowdown could be temporary. The Six-Month Outlook index fell to 54.9 in October from 55.9 in September.
Details on purchase volume and employment were decidedly negative. The Quantity of Purchases index (44.4 October vs. 54.8 September) fell to the lowest level in a year, while the Employment index (37.8 October vs. 48.8 September) was the lowest in over two years.
Price/cost pressures moderated. The Prices Paid index eased to 54.4 in October from 61.0 in September. Business impediments reflected the weaker fundamental readings in the report. Skilled labor shortages fell sharply and working cap ital shortages posted a sizable rise.
Posted: October 31, 2011 Monday 08:30 AM