New York City business activity expanded at an above-average pace in August, although off from July's rate, as the current business conditions index slid to 60.5 from 67.8 in July, the Institute for Supply Management-New York's Report on Business index, released Wednesday, indicated.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report's six-month outlook index slipped to 62.4 from 65.3. The NY-BCI increased to 592.3 from 587.0.
The prices paid composite index dropped to 45.3 from 53.4, the quantity of purchases composite index rose to 54.8 from 53.6, employment gained to 59.8 from 54.1, the current month's revenues index rose to 59.4 from 58.9, and the expected level of revenues increased to 74.2 from 60.3.
