NEW YORK – New York City business activity expanded again in February, its seventh straight month of expansion, the Institute for Supply Management-New York’s Report on Business current business conditions index indicated.
“New York City business activity is strengthening and broadening,” the report said. “The Current Business Conditions index rose to 77.0 in February, the best level in more than three years, from 72.6 in January.” The report described optimism for the future as cooling to “white hot to red hot.”
A reading above 50.0 indicates expansion.
The report’s six-month outlook index decreased to 81.1 from 97.0. The NY-BCI climbed to 417.4 from 403.9.
The prices paid composite index gained to 46.6 this month from 38.5 last month, the quantity of purchases composite index rose to 60.3 from 53.1, and the supplier delivery time diffusion index grew to 58.9 from 49.0. Employment dropped to 53.4 from 54.2.
When asked what was the biggest impediment to growing their business, 28% of respondents said “no difficulties,” while “abnormal weather,” captured 21% of the response.
