November 2020 ISM-New York Report on Business: Slowdowns Across the Board

NEW YORK, Dec. 2, 2020 /PRNewswire/ -- In November, New York City purchasing managers reported that the activity aligned with every index except Prices Paid had slowed down, according to the survey taken by the Institute for Supply Management-New York.  

"This is a significant pivot from the growth reported in October," said Kelly Barner, ISM-New York's Business Survey Chair and Owner of Buyers Meeting Point. "We are likely seeing a reaction to the resurgence of COVID cases in New York City in this month's report – especially the 23.8 month over month drop in the Employment index."

New York Metro
Current Business Conditions decreased by 20.9 points from the 18-month high of 65.1 reported in October to a 3-month low of 44.2 in November.

The Six-Month Outlook gave up all of the gains reported in October, falling to a 6-month low of 48.6 in November. We now observe a 7-month continuation of the oscillation between the 40s and the 60s in this index. The six-month outlook has been a reliable short-run guide for current business conditions over time.

Company Specific
Employment, a seasonally adjusted index, was the largest mover in the November report. Employment fell from a 9-month high of 58.4 in October to a 5-month low of 34.6 this month.

Quantity of Purchases fell to a 6-month low of 40.0, down from the 18-month high of 56.7 reported in October.

Top line and forward revenue guidance moved in the same direction in November: down. Current Revenues continued to fall, losing an additional 3.8 points in November to reach 42.9. Expected Revenues also gave back all of the improvement reported in October, falling from a 9 month high of 60.0 to 47.5 in November. 

Prices Paid, the only index to show a faster pace of growth this month, rose from a 6-month low of 53.3 in October to 65.0 in November.

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.

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/

SOURCE Buyers Meeting Point, LLC

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