Research >> Economics
New York Purchasing Managers Business Activity increased to 65.1 in October
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In October, New York City purchasing managers reported growth level numbers in every index except Current Revenues, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions increased for the second consecutive month to reach an 18-month high of 65.1 in October (referencing the 77.3 reported in April 2019). The Six-Month Outlook rose 14 points to 62.9 in October, up from 48.9 in September. This is a 4-month high (referencing the 67.1 reported in June 2020) and a 6 month continuation of the oscillation between the 40s and the 60s. The six-month outlook has been a reliable short run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, increased substantially from 40.2 in September to a 9-month high of 58.4 in October. With an 18.2-point increase, Employment is the biggest mover in this month's report and represents the largest month over month gain in this index since August 2017 (+ 18.6). Quantity of Purchases rose to 56.7 in October, up from 46.7 in September. This is an 18-month high (referencing the 63.6 reported in April 2019). Top line and forward revenue guidance moved in opposite directions with the advantage going to the future. Current Revenues fell back below the breakeven point of 50.0 reported in September to come in at 46.7 in October. This reduced finding is still the second highest level of Revenues reported in 8 months. Expected Revenues rose 17.1 points to 60.0 in October, returning to growth territory for the first time since February 2020 and reaching a 9-month high (referencing the 64.3 referenced in January of 2020). Prices Paid decreased for the second month in a row, falling to a 6-month low of 53.3, down from 65.4 in September.
Posted: November 3, 2020 Tuesday 08:30 AM