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New York Purchasing Managers Business Activity rose to 53.5 in July
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In July, New York City purchasing managers reported several 5 and 6 month highs while the Six Month Outlook lost the gains reported in June, according to the survey taken by the Institute for Supply Management New York.
New York Metro
Current Business Conditions rose 14 points to 53.5 in July, increasing for the third month in a row and reaching a 15 month high. This month marks the first time Current Business Conditions have been above the breakeven point since February. The Six Month Outlook fell 17.5 points to 49.6 in July, down from the 10 month high of 67.1 reported in June. 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 16.8 points in July to reach a 6 month high of 50.3. Employment has not been above the breakeven point since January. Quantity of Purchases fell 2.7 points to 42.0 from the 7 month high of 44.7 reported in June. Quantity has now been below the breakeven point since August of 2019, when it was at 50.0. It has not been above the breakeven point since May 2019, when it was at 56.6.
Top line and forward revenue guidance both increased for consecutive months in July but failed to reach the breakeven point. Current Revenues rose 13.2 points to a 5 month high of 43.8 in July, up for the third straight month. Expected Revenues rose 7.2 points from 32.4 in June to 39.6 in July, marking the second consecutive month of increases and a 5 month high. Prices Paid rose to a 6-month high of 64.0, up 3.5 points from the 60.5 reported in June.
Posted: August 4, 2020 Tuesday 08:30 AM