New York City business activity "expanded at the slowest rate in five months" in August, as the current business conditions index declined to 51.1, from 68.8 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 68.5 in August from 69.2 in July. The NY-BCI, a cumulative diffusion index, increased to 700.2 from 699.7.
The prices paid composite index grew to 57.1 from 50.0, prices received composite index dipped to 55.6 from 56.3, the quantity of purchases composite index climbed to 57.5 from 52.8, employment increased to 65.8 from 64.8, the current month's revenues index fell to 58.3 from 66.7, and the expected level of revenues grew to 81.6 from 72.2.
