The New York economy is expanding despite a drop in revenues, the Institute for Supply Management-New York’s Report on Business index, released Thursday, indicated.
“New York City purchasing managers reported modest improvements to a number of indices, while indicating reduced purchasing quantity and current revenues,” as the current business conditions index increased to 51.5 in October from 49.7 in September.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report’s six-month outlook index rose to 62.6 in October from 58.4 in September. The NY-BCI, a cumulative diffusion index, climbed to 749.4 from 748.4.
The prices paid composite index rose to 60.0 from 52.3, the quantity of purchases composite index declined to 45.0 from 48.1, employment rebounded to 54.8 from 48.3, the current month’s revenues index fell to 45.5 from 50.0, and the expected level of revenues jumped to 63.6 from 52.0.
