New York economic conditions rebounded in March, with purchasing managers reversing course on almost all indexes from the prior month, the Institute for Supply Management-New York’s Report on Business index, released Tuesday, indicated.
The current business conditions index gained to 66.9 in March from 61.1 in February, its first gain after six straight declines.
A reading above 50.0 indicates a faster pace of activity, a reading below means slower activity, while a 50.0 reading means no change from the previous month. The employment index is published on a seasonally adjusted basis.
The report’s six-month outlook index plunged to 53.0 in March, a nearly 10-year low, from 71.5 in February. The NY-BCI, a cumulative diffusion index, increased to 869.4 from 860.7.
The prices paid composite index rose to 66.7 from 60.7.
The quantity of purchases composite index fell to 61.1 from 65.4, and employment slid to 59.5 from 60.7. The current month’s revenues index declined to 62.5 from 76.9, and the expected level of revenues dropped to 62.5 from 65.4.
