Research >> Economics
New York Purchasing Managers index weakest in 5yrs
New York City business activity was the weakest in five years, according to the survey taken by the National Association of Purchasing Management- New York (NAPM-NY). The Current Business Conditions index fell to 33.3 in November, the lowest level since April 2003.
Purchasing managers have never been more pessimistic. The Six-Month Outlook index dropped to 29.7 in November, a record low in the 16-year history of the Report on Business. Purchasing volume also hit a record low, and cost pressures fell for a second straight month. The Quantity of Purchases index came in at 21.4, while the Prices Paid index was 47.1.
In this issue, we debut a new Employment index that measures current trends by area firms (data are not seasonally adjusted and history is available upon request). In November, the Employment index was a very weak 16.2, likely a reflection of the high degree of caution and need to manage costs aggressively
Business impediments: Common elements in the most popular answer, "other" difficulties, were concerns about the economy and financial markets. Working capital shortages stayed high on the list
Posted: November 26, 2008 Wednesday 10:04 AM