New York City business activity was flat in December, according to the National Association of Purchasing Management-New York’s Report on Business.
The current business conditions index soared to 50.1 in December from 33.3 in November, the NAPM-NY reported Wednesday.
The report’s six-month outlook index jumped from a record low 29.7 last month to 40.7. The NY-BCI inched up to 388.5 from 388.4.
The NY-BCI is “a cumulative diffusion index constructed from the diffusion index of current business conditions for non-manufacturing businesses in the New York City area. The NY-BCI often precedes local employment trends,” NAPM-NY said. “Moreover, the NY-BCI offers advance information about forthcoming local labor market conditions because the count of local jobs is not available for one or two months.”
The prices paid composite index slid to 44.4 this month from 47.1 last month; the quantity of purchases composite index rose to 22.2 from 21.4; and the supplier delivery time diffusion index decreased to 50.0 from 54.4. In a new index that measures current trends by area firms, employment rose to 27.8 from 16.2.
Respondents said they expect the New York City economy to recover in 12 to 18 months, with 18 to 24 months, the second most popular choice and 6 to 12 months the number 3 selection.