New York City businesses in November suffered their worst month since April 2003, contracting for the 10th time in the past 11 months, according to the National Association of Purchasing Management-New York’s Report on Business.
The current business conditions index sank to 33.3 in November from 35.6 in October, the NAPM-NY reported Wednesday.
The report’s six-month outlook index slumped to a record low 29.7 from 51.6 in October. The NY-BCI slipped to 388.4 from 396.8.
A combination of a "stronger-than-expected economy, higher Treasury rates, robust supply, and rich valuations resulting in choppy markets" have made the trading environment in H124 "quite difficult," according to Barclays.
Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.
The Basel III Endgame proposal to restructure capital holding levels comes under fire.
Friday price talk for the unrated tax-exempt paper was between 11% and 15%.
The board approved that step at its second quarter board meeting held this week.
The Inflation Reduction Act, affordable housing and clean energy were among the topics discussed at Baker Tilly's DevelUP conference in Chicago this week.
