NEW YORK, Aug. 4, 2020 /PRNewswire/ -- In July, New York City purchasing managers reported several 5- and 6-month highs while the Six-Month Outlook lost the gains reported in June, according to the survey taken by the Institute for Supply Management-New York
"While the improvement to Current Business Conditions is encouraging, the drop in Outlook is something to watch," said Kelly Barner, ISM-New York's Business Survey Chair and Owner of Buyers Meeting Point. "As more of the indices reach the breakeven point for multiple consecutive months, planning confidence can increase."
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Current Business Conditions rose 14 points to 53.5 in July, increasing for the third month in a row and reaching a 15-month high. This month marks the first time Current Business Conditions have been above the breakeven point since February.
The Six-Month Outlook fell 17.5 points to 49.6, down from the 10-month high of 67.1 reported in June. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Employment, a seasonally adjusted index, rose 16.8 points to reach a 6-month high of 50.3. Employment has not been above the breakeven point since January.
Quantity of Purchases fell 2.7 points to 42.0 from the 7-month high of 44.7 reported in June. Quantity has now been below the breakeven point since August of 2019, when it was at 50.0. It has not been above the breakeven point since May 2019, when it was at 56.6.
Top line and forward revenue guidance both increased for consecutive months but failed to reach the breakeven point in July. Current Revenues rose 13.2 points to a 5-month high of 43.8, up for the third straight month. Expected Revenues rose 7.2 points from 32.4 in June to 39.6 in July, marking the second consecutive month of increases and a 5-month high.
Prices Paid rose to a 6-month high of 64.0, up 3.5 points from June's 60.5.
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