New York City business activity grew at a slower pace in August, as the current business conditions index slumped to 57.1 from 68.1 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 67.8 in August from 70.7 in July. The NY-BCI, a cumulative diffusion index, increased to 648.0 from 644.4.
The prices paid composite index grew to 67.4 from 64.3, prices received composite index surged to 62.5 from 50.0, the quantity of purchases composite index grew to 59.1 from 54.8, employment rose to 67.4 from 59.5, the current month's revenues index increased to 71.4 from 61.8, and the expected level of revenues climbed to 75.0 from 72.2.
