The report said:
Business impediments continued to have a more negative tone. Working capital shortages remained elevated after last month’s three-year high. Skilled labor shortages fell to a four-month low.
Today’s report is for October, and it said that New York City business activity contracted at the fastest pace in 12 months. Current Business Conditions came in at 45.9 in October. That is recessionary territory as it is under the 50.0 mark that divides expansion and contraction.
It did at least say that future optimism edged off an 11-month low, as the six-month outlook moved up to 57.7 in October. Purchase volume expanded for the first time in four months and came in at 52.2 in October. Employment contracted the most in nine months, down to 47.8 in October.
The report also showed that price and cost pressures continued to mount as the Prices Paid hit a six-month high of 60.4 in October. Revenues and expected demand each went neutral at 50.0 in October.
Again, we should have seen this report last week, but storm activity delayed the report.
JON C. OGG