New York City business activity contracted in January, as the current business conditions index dropped to 44.5, from 70.8 in December, the Institute for Supply Management-New York's Report on Business index, released Tuesday, indicated.
The January reading was its first contraction since June 2013. The 70.8 in December was the index's highest level in four years.
A reading above 50.0 indicates expansion, a reading below suggests contraction. The employment index is published on a seasonally adjusted basis.
The report's six-month outlook index fell to 66.9 in January from 72.9 in December. The NY-BCI, a cumulative diffusion index, decreased to 671.1 from 673.8.
The prices paid composite index rose to 67.5 from 54.5, prices received composite index grew to 55.6 from 55.0, the quantity of purchases composite index soared to 69.0 from 50.0, employment declined to 55.4 from 56.8, the current month's revenues index dipped to 68.4 from 69.0, and the expected level of revenues decreased to 75.0 from 76.2.
