The New York economy is expanding, but February’s pace was much slower than January’s, the Institute for Supply Management-New York’s Report on Business index, released Friday, indicated.

Institute for Supply Management-New York’s Report on Business

The current business conditions index slumped to 54.5 in February from 72.5 in January. January’s level was the highest since November 2006.

A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.

The report’s six-month outlook index declined to 64.7 in February from 76.1 in January, its second consecutive drop. The NY-BCI, a cumulative diffusion index, climbed to 770.2 from 767.9.

The prices paid composite index gained to 61.1 from 60.5, the quantity of purchases composite index rose to 55.6 from 50.0, and employment fell to 46.7 from 58.4, its eighth sub-50 reading in the past 12 months. The current month’s revenues index soared to 61.8 from 47.4, and the expected level of revenues gained to 72.2 from 68.4.

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Gary Siegel

Gary Siegel

Gary Siegel has been at The Bond Buyer since 1989, currently covering economic indicators and the Federal Reserve system.