NEW YORK, Nov. 3, 2020 /PRNewswire/ — In October, New York City purchasing managers reported growth level numbers in every index except Current Revenues, according to the survey taken by the Institute for Supply Management-New York.
“October showed growth we have not seen since before the pandemic,” said Kelly Barner, ISM-New York’s Business Survey Chair and Owner of Buyers Meeting Point. “If the Six-month Outlook can escape the oscillation pattern of the last 6 months and Current Revenues can break above 50, we’ll be positioned well to end 2020.”
New York Metro
Current Business Conditions increased for the second consecutive month to an 18-month high of 65.1 in October.
The Six-Month Outlook rose 14 points to 62.9 in October, up from 48.9 in September. This is a 4-month high and a 6-month continuation of oscillation between the 40s and the 60s. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific
Employment, a seasonally adjusted index, increased substantially from 40.2 in September to a 9-month high of 58.4 in October. With an 18.2-point increase, Employment is the biggest mover in this month’s report and represents the largest month over month gain in this index since August 2017.
Quantity of Purchases rose to an 18-month high of 56.7, up from 46.7 in September.
Top line and forward revenue guidance moved in opposite directions with the advantage going to the future. Current Revenues fell below the breakeven point of 50.0 reported in September to 46.7 in October. This reduced finding is still the second highest level of Revenues reported in 8 months. Expected Revenues rose 17.1 points to 60.0 in October, returning to growth territory for the first time since February 2020 and reaching a 9-month high.
Prices Paid decreased for the second month in a row, falling to a 6-month low of 53.3, down from 65.4 in September.
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
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