New York City business activity grew at a faster pace in May, as the current business conditions index climbed to 55.3 from 50.6 in April, the Institute for Supply Management-New York's Report on Business index, released Tuesday, 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 rebounded to 69.7 in May from a five-year low of 58.8 in April. The NY-BCI, a cumulative diffusion index, increased to 630.1 from 627.41.
The prices paid composite index grew to 58.6 from 57.7, the quantity of purchases composite index surged to 58.9 from 41.7, employment rose to 50.3 from 43.1, the current month's revenues index improved to 58.7 from 56.3, and the expected level of revenues increased to 68.0 from 62.5.
