Entrepreneurs looking to launch an LLC in New York City may be in luck, as business activity in the Big Apple rose in September for the first time in four months to an index score of 58.3, according to a report by the Institute for Supply Management in Reuters. The ISM Index threshold of 50 indicates expansion over contraction and may suggest the economy is beginning to show significant improvement.
However, the ISM Index has fluctuated significantly over the past several months as the six-month index has shown a significant rise to 64.8, but remains below the May level of 84.2 The ISM’s employment index, on the other hand, has also shown improvement, rising to 53.3 in September from an ominous 50.0 in August.
The news comes prior to Friday's ISM manufacturing index, which is often seen as an omen of economic well-being for the U.S. economy - perhaps trumping other predictions of a double-dip recession.
“The closely watched metric has stayed above the crucial level of 50, meaning the sector is still in expansion mode, crucial for the economic recovery,” wrote Matt Phillips in the Wall Street Journal. “(Worriers of a double-dip) fire back that the manufacturing ISM has shown that growth is slowing.”
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Posted: Sep 30th, 2010