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August ISM New York Business Index: 47.8 down from 57.2 in July. Despite weak current activity,...
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Wednesday, August 31, 2011, 8:53 AM ETAugust ISM New York Business Index: 47.8 down from 57.2 in July. Despite weak current activity, "future optimism remained in positive territory," the report said. The six-month outlook index fell to 59.9 in August from 63.2 in July.
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Mohit
ISM-New York: August Business Conditions Index Lowest Since June 2009
NEW YORK -(Dow Jones)- New York City business contracted in August for the first time since the end of the recession, according to a report released Wednesday.
The Institute for Supply Management-New York's Current Business Conditions index plunged to 47.8 this month, from 57.2 in July. The August index was the lowest since June 2009 when the U.S. economy was coming out of recession.
An index reading above 50 indicates a faster pace of activity and below 50 indicates a slower or contracting rate.
The sub-indexes improved but were mostly in contractionary territory.
The ISM-NY's employment index edged up to 48.6 from 46.6 in July, while the purchasing-volume index rose to 47.1 from 45.5.
I think that translates into "good grief, it can't get any worse can it?"