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New York Purchasing Managers Business Activity expanded
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New York City business activity expanded at the fastest pace in four mo nths, according to the survey taken by the Institute for Supply Management-New York (ISM-NY) . The Current Business Conditions index rose to 64.7 in October from 58.3 in September. Future optimism picked up again, to the highest level in five months. The Six-Month Outlook index increased to 69.8 in October from 64.8 in September.
Purchasing and supply executives reduced the volume of spending for the f irst time in a year. It is unclear if this is a seasonal move or the start of a new trend. The Quantity of Purchases index fell to 39.4 in October from 54.2 in September.
Employment trends were the best in four months, but still consistent with a slower rate of job creation than in the spring. The Employment index rose to 54.4 in October from 53.3 in September.
Input prices increased at a slower rate than in the prior month. The Prices Paid index eased to 5 1.1 in October from 53.3 in September.
Skilled labor shortages (a positive) and working capital shortages (a negative) were the most prevalent business impediments.
Posted: October 29, 2010 Friday 08:30 AM