July 2, 2019 / 1:48 PM / 4 months ago

NYC business outlook tumbles to decade-low in June - ISM-NY

* Quantity purchased index posts biggest drop in over 11 years

* Current conditions gauge edges up to break-even level

NEW YORK, July 2 (Reuters) - The six-month business outlook among New York City’s purchasing managers dropped to the lowest level in a decade in June, signaling a further deterioration in future business activity in the area, a report released on Tuesday showed.

The Institute for Supply Management-New York said its barometer on the six-month outlook fell to 51.0 last month from 56.3 in May. The June figure was the lowest since 50.7 in May 2009.

A reading above 50 suggests the business outlook is improving, while a reading below 50 signals it is deteriorating.

U.S. business sentiment has been bogged down by the trade conflict between China and the United States. On Monday, the Institute for Supply Management said its index on manufacturing activity nationwide fell to a near three-year low in June.

The ISM-NY’s gauge on the amount of goods purchased fell to 34.2, which was the lowest since 31.8 in July 2009 and compared with 56.6 the month before. The drop in the quantities purchased index was the biggest since January 2008.

The group’s measure on prices paid fell to a 12-month low at 57.3 from 72.4 in May, while the component on current revenues tumbled to a 13-month trough of 43.9 from 60.5.

On the other hand, its current conditions index rose to 50.0 from a two-year low of 48.6 in May.

Business confidence may get a bounce as Beijing and Washington said their trade talks are back on track at the G20 summit in Osaka, Japan after both sides made concessions this past weekend. (Reporting by Richard Leong Editing by Chizu Nomiyama)

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