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Indeed, judging by the current conditions diffusion indexes of the NAPM-NY, the local manufacturing industries began to turn the corner early in the year, at roughly the same time that national factory output and orders began to revive. The rebound in the city’s service-producing industries—the lion’s share of the economy—began to gather momentum somewhat later, although the turn for the better so far has been hardly uniform across the industry spectrum. These diffusion indexes are the Association’s principal gauges of the industry dispersal of economic upturns or downturns; index readings consistently exceeding the 50 mark typically indicate a sustained business expansion while readings below 50 usually indicate that the economy is headed in the opposite direction. In the latest monthly survey, both the manufacturing and non-manufacturing diffusion indexes remained rooted in what is usually considered expansionary territory—with all responding businesses reporting either quickening, or stable business conditions in May.
