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New York Purchasing Managers index drops to 35.6
The intensification of the financial crisis generated the worst month for New York City business activity since July 2007, according to the survey taken by the National Association of Purchasing Management- New York (NAPM-NY). The Current Business Conditions index dropped to 35.6 in October
Future pessimism diminished, with the Six-Month Outlook index bouncing back to 51.6 in October. However, the choppiness in the Outlook index in recent months makes purchasing managers appear uncertain about the near-term direction of the regional economy.
Cost pressures fell for the first time in a year and purchasing volume plunged to a five-year low. The Prices Paid index dipped below the breakeven 50 mark, to 47.8 in October, while the Quantity of Purchases index posted a poor reading of 27.7.
Business impediments: The ongoing credit crunch means working capital shortages remain prevalent.
Posted: October 31, 2008 Friday 11:06 AM