New York City business activity expanded in January as the current business conditions index decreased to 56.7 from a revised 57.7 in December, the Institute for Supply Management-New York's Report on Business index, released Monday, indicated.
A reading above 50.0 indicates expansion.
The report's six-month outlook index slipped to 60.0 from a revised 69.0. The NY-BCI increased to 568.3 from a revised 564.9.
The prices paid composite index fell to 53.7 from 54.8, the quantity of purchases composite index dropped to 59.3 from 62.5, employment rose to 53.1 from a revised 49.7, the current month's revenues index jumped to 62.0 from 55.3, and the expected level of revenues declined to 61.5 from 72.5.
The employment index is now published on a seasonally adjusted basis, and the seasonal adjustments for the other indexes were updated for this report, ISM-New York said.
Nearly one-third of respondents said there were "no difficulties" when asked for business impediments, with "skilled labor shortage" the second most popular response at 25%. "Weather/natural disasters" fell to 14% from 26% in the prior survey and 39% two months ago, showing Hurricane Sandy's effects on business continued to recede.