New York City business activity "bounced back sharply after the first contraction in eight months," in October, as the current business conditions index surged to 65.8, from 44.5 in August, the Institute for Supply Management-New York's Report on Business index, released Tuesday, indicated.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report's six-month outlook index gained to 74.0 in October from 62.8 in September. The NY-BCI, a cumulative diffusion index, increased to 705.3 from 697.4.
The prices paid composite index fell to 46.2 from 58.8, prices received composite index dropped to 40.9 from 50.0, the quantity of purchases composite index climbed to 46.2 from 43.8, employment increased to 46.3 from 44.9, the current month's revenues index rose to 54.2 from 52.9, and the expected level of revenues slipped to 58.3 from 64.7.
