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N.Y. Economy Ready to Rebound, Report Says

January 01, 2002|From Reuters

NEW YORK — The Big Apple's economy is ready to rise in 2002 following fallout from the Sept. 11 World Trade Center attacks, according to a survey of New York City executives released Monday.

There were encouraging signs that New York's economy is poised for recovery. Although more people probably will lose their jobs in the coming months, the rate of layoffs has slowed. Tourists who were scared away by the attacks that killed an estimated 3,000 people have begun visiting the city once more. And the residential real estate price skid has ebbed, the report said.

The National Assn. of Purchasing Management-New York said its business conditions index rose to 252.3 in December from November's 246.2, snapping its streak of five monthly declines.

The index regained nearly one-third of its October-November loss, leaving the index 9.8% below its all-time high of 279.8 in November 2000.

All four components of the index jumped sharply in December, each ending the year above 50, suggesting the New York City economy may be poised to grow in the new year after contracting in the second half of 2001. All four components had been below 50 in November. A number above 50 shows expansion, below 50 shows contraction.

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