3 Feb 2015
New York ISM business activity contracts for first time in 19 months
FXStreet (London) - New York City business activity contracted for the first time in 19 months, according to the survey taken by the Institute for Supply Management-New York.
Current Business Conditions fell to 44.5 in January, the first reading below breakeven since June 2013 and the weakest level in six years. This comes one month after December’s four-year high. Future optimism cooled to a nine-month low.
ISM-New York reported that the Six Month Outlook eased to 66.9 in January. Job growth expanded moderately. Employment came in at 55.4 in January. Purchase volume was a bright spot, rising to a five-year high following back-to-back neutral readings. Quantity of Purchases increased to 69.0 in January.
ISM reported that cost of benefits and cost of labour were at/near the top of net impediments again, but weather was second and security concerns tied for fourth. Usual suspects – domestic demand, foreign demand, management skills – were top net opportunities, but working capital and energy costs were notably more positive.
Current Business Conditions fell to 44.5 in January, the first reading below breakeven since June 2013 and the weakest level in six years. This comes one month after December’s four-year high. Future optimism cooled to a nine-month low.
ISM-New York reported that the Six Month Outlook eased to 66.9 in January. Job growth expanded moderately. Employment came in at 55.4 in January. Purchase volume was a bright spot, rising to a five-year high following back-to-back neutral readings. Quantity of Purchases increased to 69.0 in January.
ISM reported that cost of benefits and cost of labour were at/near the top of net impediments again, but weather was second and security concerns tied for fourth. Usual suspects – domestic demand, foreign demand, management skills – were top net opportunities, but working capital and energy costs were notably more positive.