June 2020 ISM-New York Report on Business: Big Changes, Small Changes

NEW YORK, July 2, 2020 /PRNewswire/ -- In June, New York City purchasing managers reported significant increases in Current Business Conditions, Six-Month Outlook, and Quantity of Purchases, according to the survey taken by the Institute for Supply Management-New York.

"We see continued movement in the right direction as New York businesses recover from the effects of the pandemic," said Kelly Barner, ISM-New York's Business Survey Chair and Owner of Buyers Meeting Point. "However, concerns remain that the damage felt by individual companies may be harder to overcome than the impact to the New York Metro economy as a whole."

New York Metro
Current Business Conditions rose to 39.5 in June, up from 19.5 in May. For reference, Current Business Conditions were at 51.9 in February, before the pandemic's impact was reflected in the Report's findings.

The Six-Month Outlook rose to 67.1, up from 48.0 in May. The June outlook represents a 10-month high, and exceeds the outlook reported in February by 13.3 points. The six-month outlook has been a reliable short-run guide for current business conditions over time.

Company Specific
Employment, a seasonally adjusted index, fell to 33.5 in June, down slightly from the 33.9 reported in May.

Quantity of Purchases rose to 44.7, up from the 28.3 reported in May. The June finding represents both a 7-month high and a level 3.0 points above February.

Top line and forward revenue guidance made small moves in opposite directions in June. Current Revenues rose to 30.6, up from 29.2 in May. Expected Revenues fell to 32.4, down from 34.1 in May.

Prices Paid adjusted downward to 60.5 in June, 6.3 points higher than in February.

About the ISM-New York Report on Business
The purpose of the survey is to quickly assess business conditions among firms in the New York City area. The survey results are compiled as diffusion indices – the percent of positive responses plus one-half of those responding the same (considered positive). A reading of 50% means no change from the prior month, great than 50% indicates a faster pace of activity, and less than 50% a slower rate.

The Current Business Conditions index, Six-Month outlook index, the NY-BCI, and the Employment index are seasonally adjusted. All other measures are not seasonally adjusted. For more information visit http://www.ismny.com/reports-on-business/

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SOURCE Buyers Meeting Point, LLC