February 2021 ISM-New York Report on Business: Another Down Month
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Current Business Conditions and Employment Both Fall
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NEW YORK, March 2, 2021 /PRNewswire/ -- In February, New York City purchasing managers reported significant drops in Current Business Conditions and Employment, according to the survey taken by the Institute for Supply Management-New York.
"Wild month over month fluctuations have been replaced with lower business conditions and outlook," said Kelly Barner, ISM-New York's Business Survey Chair and Owner of Buyers Meeting Point. "For the last two months, the only increases have been in prices."
New York MetroCurrent Business Conditions decreased by 15.7 points to a 9-month low of 35.5 in February (referencing the 19.5 reported in May of 2020). This finding is down from 51.2 in January, a level that represented a loss of 10.1 points.
The Six-Month Outlook fell for the second month in a row, officially ending the pattern of 20-point swings up and down. In February, the outlook fell 1.8 points to 51.5, a 3-month low that just managed to stay above the breakeven point. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company SpecificEmployment, a seasonally adjusted index, fell 19.5 points from 60.6 in January to 41.1 in February. This is the biggest mover in this month's report and marks a 3-month low.Quantity of Purchases nudged downward in February, moving from an 8-month low of 35.7 to a 9-month low of 35.3.
Top line and forward revenue guidance both fell in February. Current Revenues fell for the second month in a row, reaching an 8-month low of 35.3 (referencing the 30.6 reported in June of 2020). Expected Revenues fell 10 points to reach 47.1 in February, a 5-month low (referencing the 42.9 reported in September of 2020).
Prices Paid rose for the fourth consecutive month, increasing 5.1 points from 71.4 in January to a 30-month high of 76.5 in February (referencing the 78.6 reported in August of 2018).
About the ISM-New York Report on BusinessThe 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/
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SOURCE Buyers Meeting Point, LLC
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