New York ISM Looks Recessionary

By Jon C. Ogg Updated Apr 28, 2:41AM EDT · Published Nov 6, 10:03AM EST

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The Institute for Supply Management is out with a delayed “Report on Business” for the New York region. Hurricane issues in New York delayed the report from last week, and we have already seen the ISM data nationwide for manufacturing and for nonmanufacturing.

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

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.