New York Business Activity Deteriorates Sharply in November -- ISM
By Xavier Fontdegloria
Business activity in New York's metropolitan area deteriorated
substantially in November, falling to a three-month low, data from
a survey carried out by the New York chapter of the Institute for
Supply Management showed Wednesday.
The ISM-New York Report on Business current business conditions
decreased 20.9 points to 44.2 in November, compared with 65.1 the
The reading is the lowest since the 42.9 figure reported in
August, the report said. The activity aligned with every index
surveyed, except for prices paid, has slowed down compared with the
Following the sharp deterioration in current business
conditions, the six-month outlook index also fell to a six-month
low of 48.6 in November, giving up all of gains reported in
October. The indicator, which has been a reliable short-run guide
for current business conditions over time, has been volatile during
the last seven months, alternating between the 40 and 60
The purpose of the survey is to assess business conditions among
firms in the New York City area. 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.
As for the company specific indexes, the employment index was
the largest mover in November's report. Employment fell to 34.6, a
five-month low, from 58.4 in October.
The quantity of purchases index declined to 40.0 in November,
back to contraction from the 18-month high of 56.7 registered in
Current revenue index continued its downward trajectory, falling
by 3.8 points in November to reach 42.9. Expected revenue also
erased all of the improvement reported in October, falling to
The prices paid index, the only index to show a faster pace of
growth this month, rose to 65.0 in November from 53.3 the previous
month, ISM said.
Write to Xavier Fontdegloria at email@example.com
(END) Dow Jones Newswires
December 02, 2020 09:59 ET (14:59 GMT)
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