January 2021 ISM-New York Report on Business: New Year Optimism Falters
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Decreased activity in every index except Prices Paid
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NEW YORK, Feb. 2, 2021 /PRNewswire/ -- In January, New York City purchasing managers reported decreased activity in every index except Prices Paid, according to the survey taken by the Institute for Supply Management-New York.
"Business conditions continue to improve, but with clear indications of uncertainty interrupting solid growth," said Kelly Barner, ISM-New York's Business Survey Chair and Owner of Buyers Meeting Point. "The fact that the Six-Month Outlook has increased about 10 points but continues a monthly pattern of wide swings is a perfect example – this will be reflected in the service and supply commitments made by companies in the New York Metro area."
New York MetroCurrent Business Conditions decreased by 10.1 points to a 2-month low of 51.2 in January, down from 61.3 in December.
The Six-Month Outlook surrendered most of the 22.1-point increase reported in December, falling 17.4 points to 53.3 in January. Although this index is no longer oscillating between the 40s and 60s month over month (a 7-month trend that ended in November), we are still observing nearly 20-point monthly swings. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Company SpecificEmployment, a seasonally adjusted index, fell 0.6 points from 61.2 in December to 60.6 in January.
Quantity of Purchases fell from a 20-month high of 61.5 in December to an 8-month low of 35.7 in January. This 25.8 drop is the largest mover in this month's report.
Top line and forward revenue guidance both fell in January, albeit by different orders of magnitude. Current Revenues fell from the 10-month high of 57.7 reported in December to a 7-month low 35.7 in January, losing 22 points. Expected Revenues fell 1.2 points to reach 57.1 in January.
Prices Paid rose 6 points from 65.4 in December to 71.4 in January, the highest level reported since May of 2019 (72.4) and the same finding reported in September of 2019.
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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