New York City business activity expanded at its slowest pace in two years, the Institute for Supply Management-New York’s Report on Business current business conditions index indicated.
The current business conditions index slumped to 52.6 in June from 67.9 in May.
A reading above 50.0 indicates expansion.
The report’s six-month outlook index decreased to 54.2 from 73.6. The NY-BCI climbed to 535.3 from 534.0.
The prices paid composite index fell to 48.9 this month from 73.7 last month, the quantity of purchases composite index slid to 50.0 from 62.5, and the supplier delivery time diffusion index slipped to 53.3 from 55.1. Employment dropped to 48.9 from 67.1.