Research >> Economics
New York Purchasing Managers Business Activity Humming Along
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New York City business activity maintained a rapid rate of expansion in April according to the survey taken by the Institute for Supply Management-New York (ISM-NY).
The Current Business Conditions index rose to 62.2 in April from 60.6 in March, marking the eighth straight month above the 60 level. There is only one other stretch in the history of the ISM-NY Report on Business when the Current Business Conditions index expanded this strong for this long April 1999 to March 2000.
Future optimism remained bright, just not as blinding as in recent months. The Six-Month Outlook index fell to 75.9 in April from 88.2 in March. Purchasing and supply executives cranked up the volume of spending to a level not seen since November 2006. The Quantity of Purchases index vaulted to 72.1 in April from 61.3 in March.
Firms are hiring at the quickest pace since at least November 2007. The Employment index advanced to 61.8 in April from 55.1 in March. Input prices rose for the first time since the financial crisis intensified in September 2008. The Prices Paid index increased to 52.9 in April from 42.3 in March.
Working capital shortages were again the biggest business impediment. Weather is no longer an issue as in the prior two months.
Posted: April 30, 2010 Friday 10:00 AM