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New York Purchasing Managers Business Activity decreased to 44.2 in November
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Slowdowns Across the Board
In November, New York City purchasing managers reported that the activity aligned with every index except Prices Paid had slowed down, according to the survey taken by the Institute for Supply Management-New York.
New York Metro
Current Business Conditions decreased by 20.9 points from the 18-month high of 65.1 reported in October to a 3-month low of 44.2 in November. The Six-Month Outlook gave up all of the gains reported in October, falling to a 6-month low of 48.6 in November. We now observe a 7-month continuation of the oscillation between the 40s and the 60s in this index. 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 the largest mover in the November report. Employment fell from a 9-month high of 58.4 in October to a 5-month low of 34.6 this month. Quantity of Purchases fell to a 6-month low of 40.0, down from the 18-month high of 56.7 reported in October. Top line and forward revenue guidance moved in the same direction in November: down. Current Revenues continued to fall, losing an additional 3.8 points in November to reach 42.9. Expected Revenues also gave back all of the improvement reported in October, falling from a 9 month high of 60.0 to 47.5 in November. Prices Paid, the only index to show a faster pace of growth this month, rose from a 6-month low of 53.3 in October to 65.0 in November.
Posted: December 2, 2020 Wednesday 08:30 AM