New York City economy expands in May -NY-NAPM

NEW YORK May 30 (Reuters) - Business activity in New York City grew in May for the first time in four months, helped in part by easing worry over credit conditions, according to an industry report released on Friday.

The National Association of Purchasing Management-New York's index of local business activity rose to 419.8 in May from 419.6 in April.

The report's seasonally adjusted measure on current business conditions rose to 50.4 this month from 37.6 in April, the first time this index has been above 50 threshold since December.

The survey's non-seasonally index on six-month business outlook climbed to 62.0 in May from 59.6 in April.

"Business impediments diminished in May. Notably, the survey revealed reduced concerns about the credit crunch," the group said in a statement. (Reporting by Richard Leong; Editing by Theodore d'Afflisio)