NEW YORK, April 5, 2021 /PRNewswire/ -- In March, New York City purchasing managers reported directional optimism one year after the effects of the COVID-19 pandemic first materialized in this Report, according to the survey taken by the Institute for Supply Management-New York.
"While we first saw the COVID-19 pandemic hit the Report in March of 2020, the worst effects would be felt one month later, with the long, slow climb back starting in May," said Kelly Barner, ISM-New York's Business Survey Chair and Owner of Buyers Meeting Point.
New York Metro Current Business Conditions saw a small increase over February, rising from a 9-month low of 35.5 to 37.2 in March. In March of 2020, this index was at 12.9, reflecting a 39-point drop in one month, but not yet at the lowest level that would be reported during the pandemic.
The Six-Month Outlook adjusted upward to reach 57.0. Although the Outlook in March of 2020 was also down, it had not yet reached the lows of the 2008-2009 recession. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company Specific Employment, a seasonally adjusted index, rose 21.9 points, recovering from the 19.5-point fall reported in February and reaching a 19-month high of 63.0 in March (referencing 69.0 in August of 2019).
Quantity of Purchases increased to a 3-month high of 41.7, up from February's 9-month low of 35.3.
Top line and forward revenue guidance both rose in March. Current Revenues rose to a 3-month high with a breakeven finding of 50.0, a significant increase from the 8-month low of 35.3 reported in February. Expected Revenues rose even more, increasing by 16.2 points to reach a 14-month high of 63.3 (referencing 64.3 in January of 2020).
Prices Paid fell after increasing for four consecutive months, reaching a 3-month low of 70.8, down from the 30-month high of 76.5 reported in February.
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.