New York City business activity contracted for the first time since 2009 as the current business conditions index declined to 47.8 in August from 57.2 in July, according to the Institute for Supply Management-New York’s Report on Business current business conditions index.

A reading above 50.0 indicates expansion. The report’s six-month outlook index decreased to 59.9 from 63.2. The NY-BCI slipped to 537.6 from 538.8.

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