N.Y. business conditions index falls to seven-month low in Jan.

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The New York economy slipped in January, with current conditions falling to its 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 63.4 in January from 65.4 in December, its fifth 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 rebounded to 58.3 in January from 57.1 in December. The NY-BCI, a cumulative diffusion index, increased to 855.1 from 848.5.

The prices paid composite index grew to 72.5 from 63.6.

The quantity of purchases composite index slumped to 44.7, a 27-month low, from 54.2, and employment dropped to an eight-month low of 53.1 from 64.5. The current month’s revenues index plunged to 60.0 from 75.0, and the expected level of revenues gained to 71.4 from 62.5.

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