Research >> Economics
New York Purchasing Managers business activity expanded
|
New York City business activity expanded for the first time since January 2008, according to the survey taken by the National Association of Purchasing Management-New York (NAPM-NY). The Current Business Conditions index rose sharply to 61.3 in May from 28.3 in April.
Future optimism persisted for the third straight month, reinforcing the belief that recovery could begin this year. The Six-Month Outlook index rose to 56.1 in May from 51.2 in April.
Purchasing volume and employment continued to contract, but by the smallest amount in months. The Quantity of Purchases index rose to an eight-month high of 32.6 in May from 27.6 in April, while the Employment index rose to a nine-month high of 33.7 in May from 30.0 in April.
Cost pressures remained nonexistent. The Prices Paid index came in at 25.0 in May compared to 24.5 in April.
Business Impediments: Working capital shortages were still the biggest concern. Skilled labor shortages have picked up so far this year after a zero reading in December, a sign that payroll job cuts may be lessening.
Posted: May 29, 2009 Friday 10:00 AM