N.Y. purchasing managers’ April index rebounds; prices still high

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The New York economy continues to expand, the Institute for Supply Management-New York’s Report on Business index, released Wednesday, indicated.

The current business conditions index rose to 54.3 in April, its best reading since January, from 54.0 in March.

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 58.4 in April from 65.6 in March. The NY-BCI, a cumulative diffusion index, climbed to 779.3 from 772.1.

The prices paid composite index fell to 65.8 from 66.7. “Despite the decrease, this index has been above 60 for 7 straight months — the third longest time above 60 on record,” according to the report. “The other two instances are the 8 months from February to September 2008, and the 10 months from September 1994 to June 1995.”

The quantity of purchases composite index slid to 50.0 from 54.2, and employment gained to 58.3 from 53.5. The current month’s revenues index climbed to 55.6 from 50.0, and the expected level of revenues rose to 76.3 from 68.2.

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