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New York Purchasing Managers Business Activity dipped to 72.5 in September
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In September, New York City purchasing managers reported the highest Employment number on record, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions were at 72.5 in September, a 4 point drop from the 12-year high of 76.5 in August. The Six-Month Outlook rose for the second consecutive month to 81.5 in September, reaching a 9-month high (85.7 in December 2017). 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 to the highest point since it was added to the Report on Business in November 2007. In September, Employment was at 73.8, up from 62.0 in August. Employment has never before been in the 70s. The second highest finding for this index was 67.4 in August of 2014. Quantity of Purchases rose to 79.4 in September, up from 66.7 in August. This is the fourth highest reading on record for this index, behind 87.5 (September 2006) and 80.0 (February and July of 2005). In each of the months that Quantity was in the 80s, the following month saw a significant decrease (to 70.0 in October 2006 and to 50.0 in both February and July 2005).
In September, top line and forward revenue guidance both fell from August's all-time highs. Current Revenues fell to 78.1 in September from 83.3 in August. Despite the decrease, this month's Current Revenues finding is still the second highest on record. Expected Revenues fell to 78.1 in September from 87.5 in August. Prices Paid fell to 75.0 in September, down from 78.6 in August.
Posted: October 2, 2018 Tuesday 12:13 PM