Research >> Economics
New York Purchasing Managers Business Activity - Sharp Slowdown
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New York City business activity expanded at the slowest rate in two years, according to the survey taken by the Institute for Supply Management-New York (ISM-NY). The Current Business Conditions index fell to 52.6 in June from 67.9 in May. The 15.3-point drop was the tenth largest on record.
Future optimism also hit a two-year low. The Six-Month Outlook index declined to 54.2 in June from 73.6 in May. The 19.4-point swing was the ninth biggest decline in Report on Business history.
Purchase volume stalled. The Quantity of Purchases index fell to 50.0 in June from 62.5 in May.
The job s picture has become uneven. The Employment index dropped to 48.9 in June from 67.1 in May. This marked the second contraction in the last three months after growth in 16 of the prior 17 months.
Price/cost pressures eased abruptly. The Prices Paid index moved down to 48.9 in June from May’s three year high of 73.7. The sharp 24.8-point decline was the third largest on record.
The composition of business impediments was less favorable. Working capital shortages exceeded skilled labor shortages for the first time in seven months. And the percentage of neutral “No difficulties” responses fell sharply.
Posted: June 30, 2011 Thursday 08:30 AM