New York City businesses suffered a downturn in July, declining at a faster pace than in June, according to the National Association of Purchasing Management-New York’s Report on Business.
The current business conditions index sank to 38.5 in July from 45.4 in June, NAPM-NY reported today.
The report’s six-month outlook index dropped to 44.8 from 62.4. The NY-BCI slipped to 411.8 from 417.5.
The prices paid composite index rose to 75.0 this month from 72.3 last month; the quantity of purchases composite index fell to 38.2 from 45.7; and the supplier delivery time diffusion index decreased to 48.5 from 54.4.
In a special question, respondents said job losses at 55% were a bigger threat to economic stability in New York City than higher inflation at 45%.