Research >> Economics
NAPM-NY Current Business Conditions index fell to 39.1 in September
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New York City business activity in September contracted for the eighth time in nine months, according to the survey taken by the National Association of Purchasing Management-New York (NAPM-NY). The Current Business Conditions index fell to 39.1 in September. In the past, persistent weakness in business conditions has been a precursor to consistent job losses in New York City.
Financial market concerns permeated the survey during a month that included extreme stock market volatility, near seizure of credit markets and the bankruptcy of a major Wall Street investment house. The near-term future looks bleak according to area purchasing managers. The seasonally adjusted Six- Month Outlook index plunged to 39.3 in September, the second lowest reading in the 15-year history of the survey.
Cost pressures were not as great and purchasing volume deteriorated. The Prices Paid index eased to 68.1 in September, while the Quantity of Purchases index was 33.8. Business impediments: Working capital shortages remained elevated, while security concerns and weather were cited more frequently than last month.
Posted: September 30, 2008 Tuesday 10:05 AM