The New York economy continues to expand, even as revenues slumped in May, the Institute for Supply Management-New York’s Report on Business index, released Monday, indicated.

The current business conditions index fell to 56.4 in May from 64.3 in April.

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

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 66.9 in May from 58.4 in April. The NY-BCI, a cumulative diffusion index, increased to 782.5 from 779.3.

The prices paid composite index grew to 72.9, a seven-year high, from 65.8.

The quantity of purchases composite index stayed at 50.0, and employment fell to 50.2 from 58.3. The current month’s revenues index dropped to 43.8, “the lowest level since the index was added to the survey in February of 2012”, from 55.6, and the expected level of revenues slid to 71.7 from 76.3. “Current revenues has only fallen below the breakeven point 10 times,” according to a release.

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