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New York Purchasing Managers Business Activity rose to 51.6 in October
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New York City purchasing managers reported modest improvements to a number of indices, while indicating reduced purchasing quantity and current revenues, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions came in at 51.6 in October, up from 49.7 in September. In addition to limiting the consecutive time below breakeven to one month, October also marks the first time business conditions have increased since July. The Six-Month Outlook increased to 62.6 in October. The outlook has alternated between the low 60's and high 50's for five months in a row. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, was 54.8 in October, moving into growth territory for the third time in 2017. Quantity of Purchases fell to a 14 month low in October, down to 45.0 from 48.1 in September. News for the top line and forward guidance were mixed in October. Current Revenues came in at 45.5 in October, down from the breakeven point of 50.0 in September. Expected Revenues increased from September's 20-month low of 52.0 to 63.6 in October. With two exceptions, 52.0 in September and 80.0 in March, expected revenues have been between 60 and 70 for the last 13 months. Prices Paid fell just short of reaching the highest point of 2017 (60.3 in June), coming in at 60.0 in October.
Posted: November 2, 2017 Thursday 08:30 AM