By Xavier Fontdegloria

Business activity in the New York metropolitan area bounced off record lows in May, while the six-month outlook recovered strongly, data from a survey taken by the Institute for Supply Management showed Tuesday.

The ISM-New York Report on Business' current business conditions index rose 15.2 points to 19.5 in May, up from an all-time low of 4.3 in April.

Despite the improvement, the reading is still well below the 50-mark that separates economic expansion from contraction.

"In May, New York City purchasing managers reported across the board increases as gradual reopenings signal the beginning of the end of the coronavirus pandemic shock," the report said.

The six-month outlook index, seen as a reliable short-run guide for current business conditions over time, increased 21.6 points to 48.0 in May, approaching expansion territory and up from the all-time low of 26.4 in April. The index was at 53.8 in February, the last month before the coronavirus-related shutdown effect hit the economy.

All company subindexes improved compared with April's readings, but still signalled significant contractions in activity.

The employment index rose 4.7 points to 33.9, slightly up from the 29.2 registered in April.

The improvement in the quantity of purchases index was more significant, rising to 28.3 in May from 8.3 in April, data showed. Top line and forward revenue guidance both rose from the historic lows registered in April.

The prices paid index, which moved the least among April's fallout, rose 12.7 points in May to a four-month high of 60.9, the only index in expansion territory.

Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com

(END) Dow Jones Newswires

June 02, 2020 09:59 ET (13:59 GMT)