New York City business activity contracted in October, the second contraction in three months, as the current business conditions index declined to 44.0 in October from 50.6 in September, the Institute for Supply Management-New York’s Report on Business current business conditions index indicated.

A reading above 50.0 indicates expansion.

The report’s six-month outlook index decreased to 54.9 from 55.9. The NY-BCI slipped to 534.9 from 538.0.

The prices paid composite index slid to 54.4 in October from 61.0 in September, the quantity of purchases composite index fell a ways to 44.4 from 54.8, and the supplier-delivery time diffusion index climbed to 53.3 from 52.4.

Employment plummeted to 37.8 from 48.8.

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