New York City business activity "contracted in back-to-back months for the first time since the Great Recession," although the current business conditions index increased to 45.4 in June from 37.2 in May, the Institute for Supply Management-New York's Report on Business index, released Tuesday, indicated.
The survey period ended June 30, and 97% of responses were sent before the Brexit vote, ISM said.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report's six-month outlook index gained to 59.5 in June from 53.6 in May. The NY-BCI, a cumulative diffusion index, decreased to 715.8 from 718.1.
The prices paid composite index grew to 55.0 from 45.7, the quantity of purchases composite index increased to 46.7 from 37.5, employment declined to 35.9 from 44.6, the current month's revenues index slid to 55.6 from 60.0, and the expected level of revenues dropped to 57.1 from 68.0.
