New York City purchasing managers reported that employment reached another record high level in October even as the current business conditions index and six-month outlook turned lower, according to the survey released by the Institute for Supply Management-New York on Friday.
Employment, a seasonally adjusted index, rose to the highest point since it was added to the report in 2007 for the second month in a row. In October, the employment index was at 82.1, increasing by 8.3 and reaching the 80s for the first time. In September, employment was at 73.8, the first time this index reached the 70s.
The New York metro current business conditions index was at 69.8 in October versus 72.5 in September, down for the second consecutive month.
The six-Month outlook index fell to 70.9 in October from 81.5 in September, the largest month-over-month drop since January-February 2018. The six-month outlook has been a reliable short-run guide for current business conditions over time.
The quantity of purchases index fell to 70.6 in October from 79.4 in September. This drop was smaller in scale than the reductions seen following other significant highs in this index, when it fell 17.5 points in October 2006 and 30.0 points in March and August 2005.
The prices paid index fell to 67.6 in October, down from 75.0 in September.
In October, top line and forward revenue guidance moved in opposite directions. The current revenues index fell for the second month in a row, coming in at 72.2 in October, down from 78.1 in September. Expected revenues rose to 80.6 in October, up from 78.1 in September.
