New York City business activity grew at a slower pace in April, as the current business conditions index dropped to 50.6 from 52.0 in March, the Institute for Supply Management-New York's Report on Business index, released Friday, indicated.
The April reading was the lowest since June's 47.0.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report's six-month outlook index dropped to a five-year low of 58.8 from 65.6. The NY-BCI, a cumulative diffusion index, increased to 627.4 from 627.1.
The prices paid composite index dipped to 57.7 from 65.2, the quantity of purchases composite index plunged to 41.7 from 52.3, employment slid to 43.1 from 57.8, the current month's revenues index to fell 56.3 from 58.7, and the expected level of revenues declined to 62.5 from 66.7.
