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New York Purchasing Managers Business Activity contracted to 44.5 in September
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New York City business activity contracted for the first time in eight months, according to the survey taken by the Institute for Supply Management-New York (ISM-NY). Weakness was widespread. All but one index posted sizable declines compared to last month.
Current Business Conditions fell to 44.5 in September, matching January’s six-year low. Future optimism eased for the third straight month. The Six-Month Outlook fell to a four-month low of 62.8 in September.
Job growth hit a wall, contracting by the most in 17 months. Employment declined sharply to 44.9 in September after three months in a row above the 60 mark. Purchase volume also abruptly stopped growing and shrank by the most in 17 months. Quantity of Purchases decreased to 43.8 in September.
Both the top line and forward guidance cooled noticeably to six-month lows. Current Revenues eased to 52.9 in September, and Expected Revenues moderated to 64.7 in September. Price indicators were mixed. Costs picked up, while selling prices eased.
Prices Paid rose to a five-month high of 58.8 in September, and Prices Received fell to a four-month low of 50.0 in September.
Potential Business Opportunities/Impediments: Competition and two usual suspects – cost of benefits, cost of labor – were at the top of the impediment scale. Occupancy was again a top opportunity,
Posted: October 2, 2015 Friday 08:30 AM