New York City businesses suffered a downturn in September, contracting for the eighth time in the past nine months, according to the National Association of Purchasing Management-New York’s Report on Business.
The current business conditions index sank to 39.1 in September from 45.3 in August, the NAPM-NY reported yesterday.
The prices paid composite index slid to 68.1 this month from 75.9 last month, the quantity of purchases composite index fell to 33.8 from 46.3, and the supplier delivery time diffusion index increased to 54.1 from 51.9.
In a special question, respondents said a shortage of working capital was the biggest impediment to their business, with security and abnormal weather also cited.
