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New York Purchasing Managers Business Activity fell to 65.4 in December
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In December, New York City purchasing managers indicated lower conditions in all indices but one, Current Revenues, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions reached a six-month low, coming in at 65.4. Current conditions have fallen for four straight months. Despite the above facts, this month marks the highest December since 2014, when current business conditions were at 70.8. The Six-Month Outlook dropped considerably month over month, falling from 73.4 in November to 57.1 in December. This marks the largest one-month decrease since November 2008 (which fell by 21.9 points). This month's outlook reached a 26-month low, looking back to October 2016 when it was at 56.9. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, continued its descent from October's all-time high to reach 64.5 in December. Although Employment fell to a four-month low, it still marks the highest level recorded in the month of December since it was added to the report in November of 2007. Quantity of Purchases fell for the third month in a row, coming in at 54.2 in December, a six-month low. In December, top line and forward revenue guidance moved in opposite directions. Current Revenues was this month's lone increase, reaching a three-month high of 75.0. Expected Revenues fell to 62.5 in December from 78.1 in November, a 15-month low. The decrease of 15.6 in this index mirrors the 16.3 point drop reported in Six-Month Outlook this month. Both indicators point to expectations for June 2019, the close of Q2.
Prices Paid fell to 63.6 in December from 71.9 in November, a six-month low.
Posted: January 3, 2019 Thursday 08:30 AM