New York City business activity grew at a much quicker pace in November, as the current business conditions index rose to 69.5 from 59.3 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 gained to 69.6 from 63.6. The NY-BCI, a cumulative diffusion index, increased to 608.5 from 598.7.

The prices paid composite index climbed to an eight-month high of 59.5 from 56.1, the quantity of purchases composite index grew to 50.0 from 42.9, employment inched up to 50.8 from 50.3, the current month's revenues index soared to 65.8 from 52.1, and the expected level of revenues increased to 63.2 from 60.4.

Firms showed a greater willingness to borrow, with 14% saying they expected to borrow more in the next half year, 9% expecting to borrow less and 45% seeing a steady level of borrowing. This was the first time in the three years since the question was first asked that those saying "more" exceeded those saying "less," according to the report.

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