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New York Purchasing Managers business activity expands further
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The New York City recovery appears to be transitioning to a new phase and for the better. Sustained gains in business activity and future optimism have led to higher purchasing volumes and higher staffing, according to the survey taken by the Institute for Supply Management- New York (ISM-NY).
The Current Business Conditions index expanded for a fourth consecutive month, improving to 62.9 in November from 60.8 in October. It has been three years since purchasing and supply management executives were this optimistic about the future. The Six-Month Outlook index rose to 74.4 in November from 68.9 in October.
Both purchasing volumes and employment advanced into expansion territory. The Quantity of Purchases index rose to a two-year high of 55.9 in November from 46.7 in October. The Employment index vaulted to 54.8 in November from 45.7 in October.
Cost pressures remained contained. The Prices Paid index fell to 34.6 in November from 39.4 in October. Business Impediments: Working capital shortages have become less and less of a concern, declining for a third straight month.
Posted: November 30, 2009 Monday 10:00 AM