New York City business activity "expanded at the fastest rate this year" in July, as the current business conditions index increased to 68.8, from 63.1 in June, the Institute for Supply Management-New York's Report on Business index, released Tuesday, 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 slumped to 69.2 in July from 78.0 in June. The NY-BCI, a cumulative diffusion index, increased to 699.7 from 690.2.
The prices paid composite index fell to 50.0 from 56.3, prices received composite index slipped to 56.3 from 57.1, the quantity of purchases composite index dropped to 52.8 from 62.5, employment increased to 64.8 from 63.4, the current month's revenues index declined to 66.7 from 71.4, and the expected level of revenues slipped to 72.2 from 76.9.
