New York City business activity grew at a slower pace in March, as the current business conditions index dropped to 52.0 from 57.0 in February, the Institute for Supply Management-New York's Report on Business index, released Wednesday, indicated.
The February reading was the lowest since June's 47.0.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
The report's six-month outlook index dropped to 65.6 from 76.3. The NY-BCI, a cumulative diffusion index, increased to 627.1 from 626.1.
The prices paid composite index dipped to 65.2 from 66.7, the quantity of purchases composite index fell to 52.3 from 60.0, employment slid to 57.8 from 65.7, the current month's revenues index plunged to 58.7 from 72.5, and the expected level of revenues declined to 66.7 from 75.0.
