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New York Purchasing Managers business activity declined
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End of the Tunnel Not in Sight. New York City business activity declined for a 13th consecutive month, according to the survey taken by the National Association of Purchasing Management- New York (NAPM-NY). The Current Business Conditions index fell to 29.6 in February, the lowest level since January 2002.
Purchasing managers' pessimism returned in earnest, this after a fleeting visit into optimistic territory last month. The Six-Month Outlook index plunged more than 20 points to 31.8 in February, suggesting that recovery is more than six months away.
Purchasing volume and employment remained depressed, and cost pressures continued to decline. The Quantity of Purchases index came in at 25.0, the Employment index was 21.9, and the Prices Paid index at 35.9 stayed near a seven-year low.
Business Impediments: Working capital shortages were still a key concern. Interestingly, skilled labor shortages were noted by the highest percentage of survey participants since April 2008
Posted: February 27, 2009 Friday 10:00 AM