New York City business activity "expanded at the slowest pace in four months amid more intense global financial market turbulence," in January, as the current business conditions index fell to 54.6, from 62.0 in December, 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 fell to 63.3 in January from 70.7 in December. The NY-BCI, a cumulative diffusion index, increased to 718.9 from 716.6.
The prices paid composite index grew to 60.7 from 55.0, the quantity of purchases composite index decreased to 46.4 from 50.0, employment gained to 56.9 from 42.9, the current month's revenues index dropped to 45.8 from 60.0, and the expected level of revenues remained at 50.0.
