New York City business activity expanded in November as the current business conditions index rebounded to 52.5 from 45.9 in October, the Institute for Supply Management-New York's Report on Business index, released Tuesday, indicated.
A reading above 50.0 indicates expansion.
The report's six-month outlook index gained to 75.3 from 57.7. The NY-BCI increased to 561.1 from 559.9.
The prices paid composite index fell to 54.7 from 60.4, the quantity of purchases composite index gained to 61.7 from 52.2, employment rose to 51.6 from 47.8, the current month's revenues index slipped to 45.8 from 50.0, and the expected level of revenues surged to 69.6 from 50.0.
Not surprisingly, after Hurricane Sandy, "weather/natural disasters" was the most reported business impediment, with 39% of respondents reporting this difficulty, while "working capital shortage" dipped to 27% from 29%, and "skilled labor shortage" crept up to 18% from 17%.
