The New York economy started 2018 with a bang as the current conditions index surged to a level not seen in more than a decade, the Institute for Supply Management-New York’s Report on Business index, released Friday, indicated.
The current business conditions index jumped to 72.5 in January from 56.3 in December. “This marks the highest level reported since November of 2006 when current business conditions were at 77.1,” according to a release.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report’s six-month outlook index declined to 76.1 in January from 85.7 in December, which was the highest since the outlook registered 89.7 in July 2006, ISM-NY said. The NY-BCI, a cumulative diffusion index, climbed to 767.9 from 756.7.
The prices paid composite index fell to 60.5 from 66.7, the quantity of purchases composite index slid to 50.0 from 55.0, employment rebounded to 58.4 from 42.9, the current month’s revenues index fell to 47.4 from 55.0, and the expected level of revenues gained to 68.4 from 63.6.