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New York Purchasing Managers business activity surged
New York City business activity surged in September to the highest level since November 2006, according to the survey taken by the Institute for Supply Management-New York (ISM-NY, formerly NAPM-NY). The Current Business Conditions index rose to 72.9 in September from a revised 55.7 in August. These were the first back-toback months above the breakeven 50 mark since the US recession began in December 2007.
Future optimism continued to build on recent gains, reaching the highest level since January 2007. The Six-Month Outlook index increased to 69.5 in September from a revised 65.1 in August. Weakness in purchasing volume was not as widespread as in past months. The Quantity of Purchases index came in at 46.1 in September from a revised 50.0 in August.
Firms cut headcount at a much reduced pace relative to earlier in the year. The Employment index rose to a 21-month high of 47.3 in September from a revised 39.3 in August. Prices for inputs fell at a less rapid clip. The Prices Paid index moved up to a nine-month high of 41.9 in September from a revised 35.7 in August.
Business Impediments: Working capital shortages remained elevated. The sharp rise in security concerns coincided with the recent FBI anti-terrorism measures and the meeting of the U.N. General Assembly.
Posted: September 30, 2009 Wednesday 10:00 AM