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New York Purchasing Managers Business Activity rose to 37.2 in March
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In March, New York City purchasing managers reported directional optimism one year after the effects of the COVID-19 pandemic first materialized in this Report, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions saw a small increase over February, rising from a 9-month low of 35.5 to 37.2 in March. In March of 2020, this index was at 12.9, reflecting a 39-point drop in one month, but not yet at the lowest level that would be reported during the pandemic. The Six-Month Outlook adjusted upward to reach 57.0. Although the Outlook in March of 2020 was also down, it had not yet reached the lows of the 2008-2009 recession. 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 21.9 points, recovering from the 19.5-point fall reported in February and reaching a 19-month high of 63.0 in March (referencing 69.0 in August of 2019). Quantity of Purchases increased to a 3-month high of 41.7, up from February's 9-month low of 35.3. Top line and forward revenue guidance both rose in March. Current Revenues rose to a 3-month high with a breakeven finding of 50.0, a significant increase from the 8-month low of 35.3 reported in February. Expected Revenues rose even more, increasing by 16.2 points to reach a 14-month high of 63.3 (referencing 64.3 in January of 2020). Prices Paid fell after increasing for four consecutive months, reaching a 3-month low of 70.8, down from the 30-month high of 76.5 reported in February.
Posted: April 2, 2021 Friday 08:30 AM