New York City business activity grew at a slower pace in February, as the current business conditions index dropped to 57.0 from 64.4 in January, the Institute for Supply Management-New York's Report on Business index, released Tuesday, indicated.
The February reading was the lowest since September's 53.6.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report's six-month outlook index climbed to 76.3 from 70.0. The NY-BCI, a cumulative diffusion index, increased to 626.1 from 622.6.
The prices paid composite index climbed to 66.7 from 63.0, the quantity of purchases composite index rose to 60.0 from 53.8, employment grew to 65.7 from 60.7, the current month's revenues index increased to 72.5 from 63.5, and the expected level of revenues jumped to 75.0 from 71.7.
