The New York economy ended 2017 with a level better than the average for the year, and the future expectations soared to levels not seen in more than a decade, the Institute for Supply Management-New York’s Report on Business index, released Wednesday, indicated.
The current business conditions index decreased to 56.3 in December from 58.1 in November.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report’s six-month outlook index surged to 85.7 in December from 69.7 in November. This reading was the highest since the outlook registered 89.7 in July 2006, ISM-NY said. The NY-BCI, a cumulative diffusion index, climbed to 756.7 from 753.5.
The prices paid composite index rose to 66.7 from 62.5, the quantity of purchases composite index slid to 55.0 from 56.3, employment dropped to 42.9 from 64.6, the current month’s revenues index fell to 55.0 from 64.3, and the expected level of revenues declined to 63.6 from 71.4.