NEW YORK – New York City business activity expanded, but at a much slower pace in July, the Institute for Supply Management-New York’s Report on Business current business conditions index indicated.
The current business conditions index slumped to 58.4 in July from 69.3 in June, after hitting a record 89.9 in May.
A reading above 50.0 indicates expansion.
The 58.4 reading was an 11-month low and the first time the index was below 60.0 snce August 2009.
The report’s six-month outlook index decreased to 67.5 from 69.6. The NY-BCI climbed to 463.1 from 458.9.
The prices paid composite index dipped to 48.4 this month from 51.8 last month, the quantity of purchases composite index fell to 56.7 from 58.9, and the supplier delivery time diffusion index grew to 56.5 from 55.4. Employment dropped to 53.2 from 64.3.
