N.Y. business conditions index falls to eight-month low in Feb.
New York economic conditions slipped in February, with current conditions falling to their lowest level since June, the Institute for Supply Management-New York’s Report on Business index, released Monday, indicated.
The current business conditions index fell to 61.1 in February from 63.4 in January, its sixth straight decline.
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 soared to 71.5 in February from 58.3 in January. The NY-BCI, a cumulative diffusion index, increased to 860.7 from 855.1.
The prices paid composite index fell to 60.7 from 72.5.
The quantity of purchases composite index climbed to 65.4 from a 27-month low of 44.7, and employment grew to 60.7 from 53.1. The current month’s revenues index gained to 76.9 from 60.0, and the expected level of revenues dropped to 65.4 from 71.4.