New York City business activity expanded in February at its quickest pace in 11 months, as the current business conditions index increased to 58.8 from a revised 56.7 in January, the Institute for Supply Management-New York's Report on Business index, released Monday, indicated.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report's six-month outlook index climbed to 64.1 from 60.0. The NY-BCI increased to 572.7 from a revised 568.3.
The prices paid composite index rose to 59.7 from 53.7, the quantity of purchases composite index gained to 62.5 from 59.3, employment slid to 49.3 from 53.1, the current month's revenues index jumped to 68.0 from 62.0, and the expected level of revenues increased to 64.8 from 61.5.
"Working capital shortage" was reported by 31% of respondents, with 28% reporting a "skilled labor shortage" and an identical number said there were "no difficulties" when asked for business impediments. "Weather/natural disasters" rose to 22% from 14% in the prior survey.
