New York City business activity expanded again in December, its fifth straight month of growth, although this month’s pace was slower than last month’s, the Institute for Supply Management-New York’s Report on Business current business conditions index indicated.
“The year began with a 12-month losing streak for New York City business activity, but it ends with a five-month winning streak,” the report said.
The current business conditions index slid to 59.7 in December from 62.9 in November, the ISM-NY announced Thursday. A reading above 50.0 indicates expansion. The report’s six-month outlook index increased to 80.2 from 74.4. The NY-BCI climbed to 389.2 from 384.4.
The prices paid composite index inched up to 34.7 in December from 34.6 in November, the quantity of purchases composite index fell to 50.0 from 55.9, and the supplier delivery time diffusion index slid to 52.8 from 53.8. Employment jumped to 56.9 from 54.8.
When asked what was the biggest impediment to growing their business, 25% of respondents said “no difficulties,” the first time since October 2008 that has been the case. “Working capital shortage” fell to 22% from 28% last month, its fourth straight monthly decline.