The New York economy slipped in December, with current conditions falling to its lowest level since June, the Institute for Supply Management-New York’s Report on Business index, released Thursday, indicated.
The current business conditions index fell to 65.4 in December from 67.8 in November. Although this was the fourth straight decline, it was the highest reading for December since 2014, when the index was 70.8.
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 plunged to 57.1 in December from 73.4 in November, the largest one-month decline since a 21.9 point drop in November 2008. The outlook is the lowest it’s been in 26 months, since a 56.9 reading in October 2016. The NY-BCI, a cumulative diffusion index, increased to 848.5 from 840.8.
The prices paid composite index fell to 63.6, a six-month low, from 71.9.
The quantity of purchases composite index slumped to 54.2 from 59.4, and employment dropped to 64.5 from 72.7. The current month’s revenues index gained to 75.0 from 65.6, and the expected level of revenues slid to 62.5 from 78.1.
