ISM-NYC Busts Weak Regional Economic Report Trend
The Institute for Supply Management has reported the regional New York ISM data for April, saying that the hiccups have faded. April's regional data for New York rose to 58.3 in what nearly reversed all of the drop seen in March, which came in at 51.2.
Future optimism remains high as the six-month outlook came in at 64.0 in April. Employment is getting a boost, rather than the recent weakness seen elsewhere, at 53.3 in April.
The quantity of purchases rose to 59.4 in April after hitting a five-month low. Good news on inflation! Prices paid fell to a nine-month low 51.6 in April, but revenues also fell to a five-month low of 51.7 in April. Some hope is there for revenue ahead as well, as expected demand rose to 62.9 in April, which the New York group points out that slower revenue growth might not last.
Today's data is one of the last regional reports ahead of the full employment and payrolls report due Friday. The good news is that this is the New York City report rather than some of the regional reports that are less of an impact. April's full report is here.
Filed under: 24/7 Wall St. Wire, Economy Tagged: featured