ISM-New York Report On Business May 2017
Three survey indices pulled back to levels not seen since before the Presidential election: Current Business Conditions (October), Employment (September), and Current Revenues (August). Despite this, forward looking optimism and expected revenues remained in growth territory.
New York Metro
Current Business Conditions came in at 46.7 in May, falling below the breakeven point for the first time since October of 2016.
The Six-Month Outlook decreased to 70.6 in May, continuing to decrease from the 3-year high seen back in March, but staying squarely in growth territory. The six-month outlook has been a reliable short-run guide for current business conditions over time.
Employment, a seasonally adjusted index, decreased to 40.3 in May, falling to the lowest level since September of 2016. Quantity of Purchases rose to 55.3 in May after dropping below the breakeven point in April.
News for the top line and forward guidance demonstrate forward looking optimism in May. Current Revenues held steady for the first time since August of 2016, breaking even at 50.0 in May. Expected Revenues rose to 66.7 a slight increase over the 65.5 seen in April.
Prices Paid also held steady at 50.0 in May, falling from 54.7 in April.
The ISM-New York REPORT ON BUSINESS is a monthly publication of ISM-New York, an affiliate of the Institute for Supply Management.
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