New York City business index shows growth

NEW YORK, June 4 (UPI) -- Business activity in New York City came close to its long-term growth average in May, the Institute of Supply Management said Tuesday.

A report from ISM-NY Inc. said the city's Index for Current Business Conditions came in at 54.4 in May, "about a point below the long-run average."

While the index measuring current conditions was relatively strong, the index measuring the number of employees in manufacturing work in the city dropped to 49.4, which is the first time in three months it has fallen below 50, which designates employment in a contraction.

The prices paid index "bounced off a nine-month low," to reach 54.5. The revenues index hit the break even point of 50, showing neither growth, nor contraction.