The New York economy continues to expand, as revenues rebounded in June, the Institute for Supply Management-New York’s Report on Business index, released Tuesday, indicated.
The current business conditions index fell to 55.0 in June from 56.4 in May.
A reading above 50.0 indicates a faster pace of activity, a reading below means slower activity, while a 50.0 reading means no change from the previous month. The employment index is published on a seasonally adjusted basis.
The report’s six-month outlook index climbed to 78.1 in June from 66.9 in May. The NY-BCI, a cumulative diffusion index, increased to 785.0 from 782.5.
The prices paid composite index declined to 55.9 from 72.9, a seven-year high.
The quantity of purchases composite index stayed at 50.0, and employment grew to 63.4, a seven-month high, from 50.2. The current month’s revenues index gained to 50.0 from 43.8, “the lowest level since the index was added to the survey in February of 2012”, and the expected level of revenues rose to 79.4, a 15-month high, from 71.7.