New York City business activity "held steady for the second month in a row, and employment returned to a neutral level after the sharp drop seen in September," although the current business conditions index dropped to 49.2 in October from 49.6 in September, the Institute for Supply Management-New York's Report on Business index, released Wednesday, indicated.
A reading above 50.0 indicates expansion. The employment index is published on a seasonally adjusted basis.
This was the third straight contractionary reading for the index.
The report's six-month outlook index fell to 56.9 in October from 59.6 in September. The NY-BCI, a cumulative diffusion index, decreased to 719.3 from 719.7.
The prices paid composite index fell to 55.6 from 60.3, the quantity of purchases composite index declined to 44.3 from 47.1, employment rose to 50.6 from 33.9, the current month's revenues index dipped to 51.4 from 51.6, and the expected level of revenues grew to 60.3 from 56.7.
