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New York Purchasing Managers Business Activity dropped to 35.5 in February
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In February, New York City purchasing managers reported significant drops in Current Business Conditions and Employment, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions decreased by 15.7 points to a 9-month low of 35.5 in February (referencing the 19.5 reported in May of 2020). This finding is down from 51.2 in January, a level that represented a loss of 10.1 points. The Six-Month Outlook fell for the second month in a row, officially ending the pattern of 20-point swings up and down. In February, the outlook fell 1.8 points to 51.5, a 3-month low that just managed to stay above the breakeven point. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, fell 19.5 points from 60.6 in January to 41.1 in February. This is the biggest mover in this month's report and marks a 3-month low. Quantity of Purchases nudged downward in February, moving from an 8-month low of 35.7 to a 9-month low of 35.3. Top line and forward revenue guidance both fell in February. Current Revenues fell for the second month in a row, reaching an 8 month low of 35.3 (referencing the 30.6 reported in June of 2020). Expected Revenues fell 10 points to reach 47.1 in February, a 5-month low (referencing the 42.9 reported in September of 2020). Prices Paid rose for the fourth consecutive month, increasing 5.1 points from 71.4 in January to a 30-month high of 76.5 in February (referencing the 78.6 reported in August of 2018).
Posted: March 2, 2021 Tuesday 08:30 AM