Recent Updates

  • Philippines: Construction (Q3)
  • Australia: Leading Indicator of Employment (Dec), Job Vacancy Report (Nov)
  • Japan: International Trade (Prelim-Nov)
  • Hong Kong: Centa City Index (Oct)
  • New Zealand: Jobs Online (Nov), BOP, International Investment Position, External Debt (Q3)
  • US: New Residential Construction (Nov)
  • more updates...

Economy in Brief

New York State Economic Conditions Improve as Pricing Power Is Erratic
by Tom Moeller  January 5, 2015

The Institute for Supply Management reported that, for New York State, their December index of business conditions expected in six months increased to 72.9, the highest level since February. Improved expectations were forming throughout the year. The latest rise pulled the 2014 average up to 69.5, the highest reading since 2010. Improvement was accompanied by a strengthened reading for current economic conditions. This index surged to 70.8 last month from 62.4 in November. It was its highest level since October 2010 and capped a year of firmer business conditions. Last year's average rose to 59.7, the highest level since 2010. 

Pricing power, however, was inconsistent during 2014. The December index of prices paid declined to a not seasonally adjusted 54.5 from 62.5. The reading was just above the low reached three months earlier. The annual average improved, however, to 61.2, the highest level of the economic recovery.    

The ISM figures are diffusion indexes and can be found in Haver's SURVEYS database. A diffusion index reading of more than 50% denotes growth while a reading of under 50% implies a contraction.

ISM New York (Diffusion Index) Dec Nov Oct Dec'13 2014 2013 2012
Economic Conditions Six Months Hence (SA) 72.9 70.5 71.8 73.2 69.5 65.0 64.9
Current Economic Conditions (SA) 70.8 62.4 54.8 63.8 59.7 58.4 55.2
Prices Paid (NSA) 54.5 62.5 63.3 60.0 61.2 55.3 56.4
close
large image