Research >> Economics
New York Purchasing Managers Business Activity Expanded
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New York City business activity expanded at the fastest pace in three months, according to the survey taken by the Institute for Supply Management-New York (ISM-NY). The Current Business Conditions index revved up to 67.9 in May from 56.9 in April.
Future optimism also was the best in three months. The Six-Month Outlook index came in at 73.6 in May from 65.6 in April.
Purchase volume advanced at a quicker pace. The Quantity of Purchases index increased to 62.5 in May from 56.7 in April.
The jobs picture improved dramatically. The Employment index rose to 67.1 in May from 48.8 in April. May was the highest reading since the series inception in late 2007.
Price/cost pressures were more widespread. The Prices Paid index rose to a three-year high of 73.7 in May from 66.3 in April.
The composition of business impediments was more favorable. Skilled labor shortages fell, possibly reflecting positions being filled. Working capital shortages also were down sharply, consistent with the broad improvement in this month’s survey.
Posted: May 31, 2011 Tuesday 08:30 AM