New York City business activity improved again in November, as the Institute for Supply Management’s New York Report on Business current conditions index has shown expansion for four straight months, the group reported yesterday.
“The New York City recovery appears to be transitioning to a new phase — and for the better,” the report said. “Sustained gains in business activity and future optimism have led to higher purchasing volumes and higher staffing.”
The current business conditions index rose to 62.9 in November from 60.8 in October, the ISM-NY announced. A reading above 50.0 indicates expansion.
The report’s six-month outlook index increased to 74.4 from 68.9. The NY-BCI climbed to 384.4 from 377.9.
The prices paid composite index slipped to 34.6 in November from 39.4 in October, the quantity of purchases composite index rose to 55.9 from 46.7, and the supplier delivery time diffusion index grew to 53.8 from 50.0. Employment jumped to 54.8 from 45.7.
When asked what was the biggest impediment to growing their business, 23% of respondents said “working-capital shortage,” down from 28% last month.