Research >> Economics
New York Purchasing Managers Business Activity Cools Down
|
New York City business activity cooled further in August, according to the survey taken by the Institute for Supply Management-New York (ISM-NY).
The Current Business Conditions index fell to a 12-month low of 55.6 in August from a revised 59.4 in July. This is slightly above the long-run average of about 55.
Future optimism moved into below-trend territory. The Six-Month Outlook index dropped to a 14-month low of 58.4 in August from a revised 69.6 in July. The long-run average is about 64. Purchasing and supply executives continued to scale back the volume of spending. The Quantity of Purchases index declined to a seven-month low of 54.3 in August from a revised 59.4 in July.
Job growth shifted into neutral. The Employment index hit a ten-month low of 50.0 in August from a revised 51.5 in July. Input prices reached a six-month low. The Prices Paid index fell to 43.2 in August from a revised 48.5 in July.
Two business impediments were notable. Skilled labor shortages were a positive sign as firms try to match the right talent with job openings. “Other” difficulties, however, were negative, combining various concerns.
Posted: August 31, 2010 Tuesday 08:30 AM