New York City business activity "contracted at the fastest pace in seven years," as the current business conditions index fell to 37.2 in May from 57.0 in April, the Institute for Supply Management-New York's Report on Business index, released Thursday, indicated.
The reading was the weakest since April 2009, 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 53.6 in May from 53.1 in April. The NY-BCI, a cumulative diffusion index, decreased to 718.1 from 724.4.
The prices paid composite index fell to 45.7 from 48.1, the quantity of purchases composite index decreased to 37.5 from 48.2, employment declined to 44.6 from 49.9, the current month's revenues index grew to 60.0 from 50.0, and the expected level of revenues rose to 68.0 from 56.0.
