New York business index shows a lull

Business activity in New York City slipped to a four-year low in June, the Institute of Supply Management said Tuesday. A report from ISM-NY Inc. said the city's Index for Current Business Conditions for June came in at 47, the lowest level since May 2009. While the index fell, "future optimism didn't flinch," the institute said, "suggesting the drop in current conditions could be temporary." The survey's six-month outlook index came to 66.1, well above the break-even point of 50. Furthermore, the index showing the number of employees improved slightly, climbing from 50 -- which is the balancing point between contraction and expansion -- to 50.8. The revenue index for June hit 50, matching May's six-month low, the institute said. The expected demand index also hit 50 in June, dropping sharply from May's level of 64.7.