New York City business activity expanded in July as the current business conditions index grew to 55.2 in July from 49.7 in June, the Institute for Supply Management-New York's Report on Business index, released Thursday, indicated.
A reading above 50.0 indicates expansion.
The report's six-month outlook index gained to 61.7 from 56.7. The NY-BCI increased to 559.8 from 557.2.
The prices paid composite index rose to 51.4 from 50.0, the quantity of purchases composite index fell to 45.7 from 54.3, employment slid to 53.8 from 54.3, the revenues index climbed to 51.7 from 48.1, and the expected demand jumped to 59.7 from 56.1.
Businesses generally reported no impediments, although respondents saying, "skilled labor shortages" surged to 26% from 17% in the prior survey.