NEW YORK – New York City business activity expanded at a record pace in May, the Institute for Supply Management-New York’s Report on Business current business conditions index indicated.
The current business conditions index surged to 89.9 in May, its best level since the survey began in 1993, up from 62.2 in April.
A reading above 50.0 indicates expansion.
The report’s six-month outlook index increased to 84.2 from 75.9. The NY-BCI climbed to 449.3 from 429.4.
The prices paid composite index dipped to 44.4 this month from 52.9 last month, the quantity of purchases composite index fell to 62.0 from 72.1, and the supplier delivery time diffusion index grew to 53.4 from 51.5. Employment gained to 63.3 from 61.8.
When asked what was the biggest impediment to growing their business, 24% of respondents said “no difficulties,” while “skilled labor shortage,” and “other difficulties” each captured 15% of the response. “Working capital shortage” was cited by 13% of respondents.
