New York Business Activity Goes Into Expansionary Territory -- ISM
By Maria Martinez
Business activity in the New York Metropolitan area crossed the
breakeven point in July for the first time since February, surging
to a 15-month high, data from a survey taken by the New York
chapter of the Institute for Supply Management showed Tuesday.
The ISM-New York Report on Business current business conditions
improved significantly to 53.5 in July, up 14 points from 39.5 in
June, crossing the 50-mark that separates economic expansion from
The index rose for the third month in a row in July and has
gradually recovered from April's 4.3 historic low, registered amid
a strict lockdown that put the region's economy into a halt. In
February, before the pandemic hit the region hard, the index stood
While current business conditions rose notably, the six-month
outlook index lost the gains reported in June. Seen as a reliable
short-run guide for current business conditions over time, the
six-month outlook index fell to 49.6 in July, down from the
10-month high of 67.1 reported in June.
Company-specific indexes improved, with the exception of the
quantity of purchases index, which fell to 42.0 in July from the
seven-month high of 44.7 reported in June.
The employment index rose 16.8 points in July to reach a
six-month high of 50.3 and prices paid rose to a six-month high of
Top line and forward revenue guidance both increased in July but
failed to reach the breakeven point, the report said. Current
revenue rose to a five-month high of 43.8 in July, up for the third
straight month. Expected revenue rose from 32.4 in June to 39.6 in
July, marking the second consecutive month of increases and a
Write to Maria Martinez at email@example.com
(END) Dow Jones Newswires
August 04, 2020 09:59 ET (13:59 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.