The New York economy surged in July, with current conditions nearly reaching future expectation levels, the Institute for Supply Management-New York’s Report on Business index, released Thursday, indicated.

The current business conditions index surged to 75.0 in July, its highest reading in a dozen years, from 55.0 in June. In November 2006 the index hit 77.1.

Institute for Supply Management-New York’s Report on Business

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 slipped to 77.8 in July from 78.1 in June. The NY-BCI, a cumulative diffusion index, increased to 797.5 from 785.0.

The prices paid composite index jumped to 70.0 from 55.9.

The quantity of purchases composite index rose to 60.0, a three-year high, from 50.0, and employment fell to 62.2 from 63.4, a seven-month high. The current month’s revenues index gained to 60.0 from 50.0, and the expected level of revenues rose to 86.7, the highest it’s been, from 79.4. Expected revenues have been tracked since February 2012 and has only had four readings in the 80s: April 2015 (81.3), May 2015 (80.6), August 2015 (81.6), and March 2017 (80.0).

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