Baby Steps in the Right Direction In October, New York City purchasing managers expressed a more positive perspective than the clear pessimism seen in September, according to the survey taken by the Institute for Supply Management New York.

New York Metro Current Business Conditions rose by 4.9 points to 47.7 in October, up from September's 40 month low of 42.8, but still not enough to reach the breakeven point of 50.0. Current Business Conditions and Quantity of Purchases are the only two indices that remain below the breakeven point this month. The Six Month Outlook did return above the breakeven point, rising from a 10.5 year low of 45.2 in September to reach 53.6 in October. The six month outlook has been a reliable short run guide for current business conditions over time.

Company Specific Employment, a seasonally adjusted index, recovered from September's 19 month low of 52.5, coming in at 58.3 in October. Quantity of Purchases rose to 45.0 in October, up from 38.6 in September. In October, top line and forward revenue guidance were the two biggest movers, and they both increased significantly from the all time lows reported in September. Current Revenues rose 15.5 points from 38.1 in September to a 5 month high of 53.6 in October. Expected Revenues increased from 45.2 last month to 57.1 in October. Prices Paid fell from the 4 month high of 71.4 reported in September to reach 65.5 in October.