Jones Lang LaSalle

NYC economy grew for 4th month in row:
surveyby Catherine Tymkiw

New York City’s economy expanded for the fourth straight month in January, according to a survey of purchasing managers released today. The National Association of Purchasing Management’s New York Report on Business said the index of non-manufacturing activity, an indicator of the city’s economy, grew to 54.9 in January, up from 53.6 in December. While it is still well below the 65.5 in September, the figure contrasts with the usual slowdown of economic activity in January. Numbers above 50 reflect expansion.

“The upbeat implications for the job market that the survey has been suggesting are beginning to unfold,” wrote Peter Oppenheimer, the group’s executive director. “The city’s payroll count is accelerating and the number of jobs has increased almost 175,000 from the low point exactly two years ago.” NAPM’s report mirrors the sentiment from the New York Federal Reserve’s Empire State manufacturing report. That survey, released two weeks ago, showed a modest slowdown in the pace of manufacturing activity though manufacturers were upbeat about growth over the next six months. According to NAPM’s latest report, purchasing managers were less optimistic but they still expect business activity to remain strong. The outlook index, which reflects expectations of business conditions six months from now, stands at 50, below last month’s reading of 62.5 but better than November’s, which stood at 40.