NEW YORK - New York City business activity contracted in June as the current business conditions index fell to an eight-month low of 49.7 in June from 49.9 in May, the Institute for Supply Management-New York's Report on Business index, released Tuesday, indicated.
A reading below 50.0 indicates contraction.
The report's six-month outlook index receded to 56.7 from 60.2. The NY-BCI dipped to 557.2 from 557.3.
The prices paid composite index fell to 50.0 this month from 57.8 last month, the quantity of purchases composite index grew to 54.3 from 53.3, and the supplier delivery time diffusion index jumped to 54.7 from 48.3. Employment increased to 54.3 from 48.4.
Businesses generally reported no impediments, although respondents saying, "working capital shortages" surged to 23% from 6% in the prior survey.
Most respondents said their organizations would hold prices, but nearly one in four expect to increase their average selling prices.
