NYC economy shrinks a 3rd straight month: NY-NAPM

NEW YORK (Reuters) - Business activity in New York City contracted for a third straight month in April, hit by shortages of skilled labor and working capital, according to an industry report released on Wednesday.

The National Association of Purchasing Management-New York's index of local business activity fell to 419.6 in April from 425.8 in March and 427.7 in February.

The report's seasonally adjusted measure on current business conditions fell to 37.6 in April from 46.3 in March and 43.4 in February.

The survey's six-month outlook rose, however, to 59.6 in April from 50.0 in March and 47.5 in February. April's was the highest reading since November 2007.

(Reporting by Ellen Freilich; Editing by James Dalgleish)