New York City business activity expanded in February at its fastest rate in 11 months, as the current business conditions index improved to 63.1 from a revised 60.1 in January, the Institute for Supply Management-New York’s Report on Business index reported.
A reading above 50.0 indicates expansion.
The report’s six-month outlook index increased to 77.3 from 64.5, its highest level in a year. The NY-BCI crept to 543.1 from 536.5.
The prices paid composite index slid to 53.0 this month from 58.1 last month, the quantity of purchases composite index fell to 45.5 from 50.0, and the supplier delivery time diffusion index dipped to 51.6 from 53.1. Employment jumped to 54.4 from 45.8.
Businesses generally reported no impediments, though respondents saying there were “working capital shortages” grew to an above-average 29% from a below-average 13% in the previous survey.
Most respondents termed their capital spending plan for this year “steady,” while those expecting to spend less outnumbered those planning to spend more by 23% to 20%.