NEW YORK, Oct. 2, 2020 /PRNewswire/ — In September, New York City purchasing managers reported significant short-term improvements in Current Business Conditions and Current Revenues against a drop in Six-Month Outlook, according to the survey taken by the Institute for Supply Management-New York.
“While each of the indices is making progress towards pre-pandemic levels, we continue to see wide fluctuations month over month, particularly in terms of outlook,” said Kelly Barner, ISM-New York’s Business Survey Chair and Owner of Buyers Meeting Point.
New York Metro
Current Business Conditions gained back the losses reported in August, increasing 13.2 points from 42.9 to 56.1 in September. This is much like the increase reported (and then lost) from May to June. This index reflects the largest change seen in the September report.
The Six-Month Outlook fell from 61.7 in August to 48.9 in September. This is the continuation of a now 5-month trend of the outlook alternating between the 40s and the 60s. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Employment, a seasonally adjusted index, increased slightly from 38.8 in August to 40.2 in September, remaining below the breakeven point for 7 of the last 8 months.
Quantity of Purchases fell back below the breakeven point reported in August to come in at 46.7 in September. With the exception of the 50.0 reported in August, this month’s finding is the highest in just over a year.
Top line and forward revenue guidance moved in opposite directions once again. Current Revenues reached the breakeven point of 50.0 for the first time since February (58.3). With the exception of the decrease reported in August, Current Revenues has increased every month since May. Expected Revenues adjusted downward by 0.4 points in September to reach 42.9.
Prices Paid decreased after two consecutive months of increases, falling to 65.4 in September from the 7-month high of 67.9 reported in August.
About the ISM-New York Report on Business
The survey results are compiled as diffusion indices. A reading of 50% means no change from the prior month, greater than 50% indicates a faster pace of activity, and less than 50% a slower rate.
Current Business Conditions, Six-Month outlook, NY-BCI, and the Employment index are seasonally adjusted. All other measures are not. For more information visit http://www.ismny.com/reports-on-business/
SOURCE Buyers Meeting Point, LLC