New York City businesses recovered somewhat in May, posting the first reading above 50 this calendar year, according to the New York current business conditions index in the National Association of Purchasing Management–New York’s report on business, which increased to 50.4 in May from 37.6 in April, the NAPM-NY reported Friday.

“The second leg of the current downturn is behind us, but sustained recovery has yet to be observed,” the report warned.

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