New York City business activity grew at a faster pace in November, as the current business conditions index surged to 62.4 from 54.8 in October, 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 fell from an eight-month high of 71.8 in October to 70.5 in November. The NY-BCI, a cumulative diffusion index, increased to 663.4 from 657.2.
The prices paid composite index slid to 62.5 from 63.3, prices received composite index gained to 58.3 from 53.3, the quantity of purchases composite index fell to 50.0 from 53.1, employment slumped to 48.4 from 64.4, the current month's revenues index plunged to 53.1 from 71.9, and the expected level of revenues dropped to 68.8 from 78.1.
