Research >> Economics
New York Purchasing Managers index weakest in 5yrs
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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