New York City business activity expanded at its slowest pace in nearly two years, according to the Institute for Supply Management-New York’s Report on Business current business conditions index.
The current business conditions index slumped to 56.9 in April from 66.4 in March. A reading above 50.0 for the BCI indicates expansion.
The report’s six-month outlook index decreased to 65.6 from 71.4. The NY-BCI climbed to 525.1 from 521.6.
The prices paid composite index rose to 66.3 in April from 63.0 in March, the quantity of purchases composite index slid to 56.7 from 61.8, and the supplier delivery time-diffusion index slipped to 50.0 from 55.5.
Employment plunged to 48.8 from 62.0.
In a special question, 60% of those responding said they are in hiring mode.
