New York City businesses suffered a downturn in June, as the current business conditions index dropped below 50 after posting the first reading above 50 this calendar year in May, according to the National Association of Purchasing Management-New York’s Report on Business, released yesterday.
The current business conditions index, decreased to 45.4 in June from 50.4 in May, the NAPM-NY reported.
The report’s six-month outlook index improved to 63.8 from 62.0. The NY-BCI slipped to 417.4 from 419.8. The NY-BCI is “a cumulative diffusion index constructed from the diffusion index of current business conditions for non-manufacturing businesses in the New York City area. The NY-BCI often precedes local employment trends,” NAPM-NY said. “Moreover, the NY-BCI offers advance information about forthcoming local labor market conditions because the count of local jobs is not available for one or two months.”
The prices paid composite index rose to 72.3 this month from 63.0 last month; the quantity of purchases composite index fell to 45.7 from 46.7; and the supplier delivery time diffusion index increased to 54.4 from 52.3.