New York City business activity improved to a five-month high, according to the survey taken by the Institute for Supply Management-New York (ISM-NY). Current Business Conditions came in at 54.3 in December.
Purchase volume expanded more quickly, while employment contracted for a second time in three months. Quantity of Purchases, 62.5 in December, rose to a 19-month high. Employment, 47.6 in December, fell to an 11-month low.
Revenues, 55.3 in December, rose to a seven-month high, and Expected Demand, 72.5 in December, also advanced further. Hurricane Sandy appeared to be a lingering business impediment, as weather/natural disasters remained elevated in December. Also of note was the 20-month high in skilled labor shortages.