The New York economy gained again in August, with current conditions again at a multi-year high, the Institute for Supply Management-New York’s Report on Business index, released Wednesday, indicated.
The current business conditions index climbed to 76.5 in August, its highest reading in a dozen years, from 75.0 in July. In November 2006 the index hit 77.1.
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 grew to 79.9 in August from 77.8 in July. The NY-BCI, a cumulative diffusion index, increased to 810.7 from 797.5.
The prices paid composite index jumped to 78.6 from 70.0, the highest it’s been since registering 80.0 in September 2007.
The quantity of purchases composite index rose to 66.7, highest since 69.0 in January 2015, from 60.0, and employment fell to 62.0 from 62.4. The current month’s revenues index soared to 83.3 from 60.0, the first time it registered over 80, and the expected level of revenues rose to 87.5, the highest it’s been, from 86.7.
