New York City business activity “contracted for the first time in eight months,” in September, as the current business conditions index declined to 44.5, from 51.1 in August, the Institute for Supply Management-New York’s Report on Business index, released Friday, 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 62.8 in September from 68.5 in August. The NY-BCI, a cumulative diffusion index, decreased to 697.4 from 700.2.
The prices paid composite index grew to 58.8 from 57.1, prices received composite index dropped to 50.0 from 55.6, the quantity of purchases composite index slumped to 43.8 from 57.5, employment decreased to 44.9 from 65.8, the current month’s revenues index fell to 52.9 from 58.3, and the expected level of revenues plunged to 64.7 from 81.6.
