Research >> Economics
New York Purchasing Managers business activity expands
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Recovery in New York City business activity is emerging, according to the survey taken by the Institute for Supply Management-New York (ISM-NY). October marked the third consecutive month in expansion territory (above 50), the best stretch in nearly two years. The Current Business Conditions index was 60.8 in October from 72.9 in September.
Sustained gains in future optimism mean the recovery has legs. The Six-Month Outlook index came in at 68.9 in October from 69.5 in September and has expanded for eight months in a row.
Both purchasing volumes and employment continue to show smaller rates of decline, compared to earlier in the year. The Quantity of Purchases index edged up to 46.7 in October from 46.1 in September. The Employment index was 45.7 in October, close to September¹s 21- month high of 47.3.
Price declines for inputs persisted for the thirteenth straight month. The Prices Paid index was 39.4 in October, compared to 41.9 in September.
Business Impediments: Working capital shortages remain the most prevalent concern, but there appears to be tentative improvement in the last two months back-toback declines for the first time since the financial crisis intensified last year.
Posted: October 30, 2009 Friday 10:00 AM