New York City business activity declined at a slower rate in August, according to the survey taken by the National Association of Purchasing Management-New York. The current business conditions index came in at 45.3 in August, the seventh month of contraction in the first eight months of this year.
Future optimism returned, for now. The seasonally adjusted six-month outlook index rebounded to 64.1 in August.
Cost pressures intensified and purchasing volume remained soft, according to NAPM-NY. The prices paid index rose to an 11-month high of 75.9 in August, while the quantity of purchases index was 46.3.