New York City business activity "returned to cautious optimism after the short term pre-Brexit negativity seen in May and June," although the current business conditions index increased to 60.7 in July from 45.4 in June, 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 56.8 in July from 59.5 in June. The NY-BCI, a cumulative diffusion index, increased to 721.1 from 715.8.
The prices paid composite index slid to 48.3 from 55.0, the quantity of purchases composite index increased to 48.3 from 46.7, employment rose to 45.3 from 35.9, the current month's revenues index remained at 55.6, and the expected level of revenues grew to 62.1 from 57.1.
