Research >> Economics
New York Purchasing Managers Business Activity jumped to 39.5 in June
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In June, New York City purchasing managers reported significant increases in Current Business Conditions, Six Month Outlook, and Quantity of Purchases, according to the survey taken by the Institute for Supply Management New York.
New York Metro
Current Business Conditions rose 20 points to 39.5 in June, up from 19.5 in May. For reference, Current Business Conditions were at 51.9 in February, before the pandemic's impact was reflected in the Report's findings. The Six Month Outlook rose 19.1 points to 67.1, up from 48.0 in May. The June outlook represents a 10 month high (referencing 71.4 in August of 2019), and exceeds the outlook reported in February by 13.3 points. The six month outlook has been a reliable short run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, fell 0.4 points to 33.5 in June, down slightly from the 33.9 reported in May. Quantity of Purchases rose to 44.7, up 16.4 points from the 28.3 reported in May. The June finding represents both a 7 month high (referencing 48.0 in November of 2019) and a level 3.0 points above February. Top line and forward revenue guidance made small moves in opposite directions in June. Current Revenues rose 1.4 points to 30.6, up from 29.2 in May. Expected Revenues fell 1.7 points to 32.4 this month, down from 34.1 in May. Prices Paid adjusted downward by 0.4, coming in at 60.5 in June. This is 6.3 points higher than the same index in February.
Posted: July 2, 2020 Thursday 08:30 AM