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New York Purchasing Managers Business Activity increased to 50.0 in June
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In June, New York City purchasing managers reported 10-year lows in both the 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 made a slight recovery of 1.4 points to 50.0 (the breakeven point) from the more than 2-year low of 48.6 reported in May. The Six-Month Outlook fell to the lowest level reported since May of 2009 (50.7), coming in at 51.0 in June. The six month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, made a small upward move from the 4-month low of 54.6 in May to 60.9 in June. Quantity of Purchases decreased significantly from 56.6 in May to 34.2 in June. This is the lowest level for this index since July of 2009 (31.8). Quantity has dropped 20 points or more month over month 9 times since 1993, all of them between June 2002 and January 2008. The largest drop on record was 31.4 from June to July of 2007. In June, top line and forward revenue guidance both decreased. Current Revenues fell from the 4-month low of 60.5 in May to a 13-month low of 43.9 in June. Expected Revenues fell slightly from 73.7 in May to 72.6 in June. Prices Paid fell to a 12-month low of 57.3 in June, down from 72.4 in May.
Posted: July 2, 2019 Tuesday 08:30 AM