NEW YORK – New York City business activity surged in September, the first time the index has shown expansion for two straight months since the recession began in December 2007, according to the National Association of Purchasing Management-New York’s Report on Business.
The current business conditions index rose to 72.9 in September from a revised 55.7 in August, originally reported as 55.3, the NAPM-NY announced today. A reading above 50.0 indicates expansion.
The report’s six-month outlook index increased to 69.5 from 65.1. The NY-BCI climbed to 372.5 from 361.0.
The prices paid composite index gained to 41.9 this month from 35.7 last month, the quantity of purchases composite index slid to 46.1 from 50.0, and the supplier delivery time diffusion index rose to 52.8 from 51.8. Employment climbed to 47.3 from 39.3.
When asked what was the biggest impediment to growing their business, 32% of respondents said “working capital shortage,” down from last month, with security and “other” concerns each reported by about one in five respondents. Those reporting “no difficulties” slumped to 16%, from 29% last month.
In a special question, respondents were asked when they though their revenues would begin growing on a sustained basis. An equal number, 28% each, responded six to nine months and nine to 12 months.
