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New York Purchasing Managers Business Activity Dipped to 55.0 in June
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In June, New York City purchasing managers reported strong forward-looking business conditions and employment, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions were at 55.0 in June, down just slightly from 56.4 in May, falling for the second month in a row. This trend is interesting when compared to the six-month outlook of 85.7 reported in December 2017, the highest level of optimism seen in over a decade. The Six-Month Outlook rose to a six-month high of 78.1 in June, up from 66.9 in May. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, rose to a seven-month high of 63.4 in June, up from 50.2 in May. Employment has risen into the 60’s just twice in the last two years, and just ten times in the last five. Quantity of Purchases remained at 50.0 for the third consecutive month.
In June, top line and forward revenue guidance both rose significantly. Current Revenues rose back to the breakeven point of 50.0 after falling to 43.8 in May, the lowest level reported since the index was added to the survey in February of 2012. Expected Revenues rose to a 15-month high of 79.4 in June, up from 71.7 in May. Expected revenues have been above the level seen in June only four times since the index was added to the report in February of 2012. Prices Paid fell to 55.9 in June, a welcome drop of 17 points after May’s seven-year high of 72.9. Prices paid was the biggest mover in this month’s report.
Posted: July 3, 2018 Tuesday 08:30 AM