The New York economy continues to expand, but March’s pace was a bit slower than February’s, the Institute for Supply Management-New York’s Report on Business index, released Tuesday, indicated.
The current business conditions index dipped to 54.0 in March from 54.5 in February.
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 65.6 in March from 64.7 in February. The NY-BCI, a cumulative diffusion index, climbed to 772.1 from 770.2.
The prices paid composite index rose to 66.7 from 61.1, the quantity of purchases composite index slid to 54.2 from 55.6, and employment gained to 53.5 from 46.7. The current month’s revenues index slumped to 50.0 from 61.8, and the expected level of revenues dropped to 68.2 from 72.2.