“New York City purchasing managers reported decreased current business conditions while indicating a significant increase in employment and moderate improvement to the six-month outlook,” as the current business conditions index decreased to 56.6 in August from 62.8 in July, 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 grew to 60.5 in August from 58.1 in July. The NY-BCI, a cumulative diffusion index, gained to 748.8 from 745.5.

The prices paid composite index fell to 50.0 from 52.8, the quantity of purchases composite index declined to 51.6 from 52.8, employment soared to 56.4 from 37.8, the current month’s revenues index gained to 48.4 from 44.4, and the expected level of revenues slid to 68.8 from 69.4.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.