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NYC business activity rises in Sept to 58.3

NEW YORK | Thu Sep 30, 2010 8:34am EDT

NEW YORK (Reuters) - Business activity in New York City rose in September for the first time in four months, suggesting the economy is improving, according to an industry report released on Wednesday.

The Institute for Supply Management-New York's seasonally adjusted index of current business conditions rose to 58.3 in September from 55.6 a month ago. The 50 level separates growth from contraction.

The six-month outlook index rose to 64.8 in the latest month from 58.4, though it stood far below the May level of 84.2.

Purchasing and supply executives maintained the volume of spending, while employment expanded after a pause last month. The employment index was at 53.3 in September, up from 50.0 in August.

The group's index of local business activity rose to 470.6 in September from 466.5 in August.

(Reporting by Edith Honan; Editing by Padraic Cassidy)
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