The ISM-New York Report on Business is released on the second business day of each month at 9:45am ET. The Report, which was first run in 1917, is a highly regarded indicator of business conditions in the New York Metro area including a six-month outlook, employment index, and current and expected revenues.  The January report, which can be downloaded here, allows us to make the following observations: New York City purchasing managers remained optimistic but 'setteld in' this monthCurrent Business Conditions came in at 57.7 in January, dropping from a fourteen-month high in DecemberThe Six-Month Outlook decreased to 66.2 in January after the eighteen-month high seen in DecemberThis month's 'story behind the numbers' focuses on the role of seasonal adjustments in the indices