Here’s some interesting, under-the-radar news on the micro level pertaining to New York City.
This is a bulleted excerpt from Waverly Advisors’ morning note:
“With NY State budget woes garnering headlines, some interesting municipal data arrived from New York City yesterday: ISM Business New York City Conditions Index figures for June showed a nasty decline to 69.3 from 89.9 in May, the largest one month decline on record, with the Six Month Outlook index declining to 69.6 from 84.2 (note that May’s figures were unusually strong, in large part accounting for this distortion). The employment index rose for the month while working capital data improved. Last night the NY City Council passed a $63.1B budget including $8.92 of bond issuance and significant capital spending cuts. Debt Services for fiscal 2011 are projected at $5.35B and rising to $6.59 by 2014 with a projected deficit of $5.34B in that year. NYC is the largest individual city municipal issue in the US, and, as the going gets tougher there it reflects the looming national municipal debt issues on the horizon.”
Photo: Waverly Advisors