New York manufacturing at 5-month low

April 2, 2013 at 12:20 PM   |   0 comments

NEW YORK, April 2 (UPI) -- A barometer of New York City business activity hit a five-month low in March, the Institute for Supply Management said Tuesday.

The headline index measuring current business conditions came in at 51.2 for the month, a 7.7-point drop from February.

The six-month outlook index showed there is still optimism left in the Big Apple, as the index that measures what respondents expect in the medium term rose to a three-month high to 65.2.

In addition, the employment index rose to its highest reading since May 2011 with a jump from 49.3 in February, which shows employment shrinking, to 57.3, which is above the break-even point of 50 and shows employment expanding.

The manufacturing index for the city had been on a seven-month trend higher, with the exception of November, when the area was recovering from Hurricane Sandy.

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