NEW YORK, Nov. 6 (UPI) -- Business activity in New York City contracted in October, but optimism improved, the Institute of Supply Management said Tuesday.
The ISM-NY Inc. report said the city's Index for Current Business Conditions fell from 52.9 in September to 45.9 in October. In the index, figures above 50 indicate growth, while figures below 50 indicate contraction.
While the measure of business activity dropped to a 12-month low, the six-month outlook index rose from 56.4 to 57.7 month-to-month.
The six-month outlook index climbed away from an 11-month low in October.
In October 2011, the business conditions index stood at 45.7, while the six-month outlook index stood at 55.4.
The business conditions index and the outlook measure both peaked for the year in March at 67.4 and 79.5, respectively.
